Primo Brands Corporation $PRMB Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in Primo Brands Corporation by 46.4% in Q1, selling 49,041 shares, resulting in total holdings worth approximately $2,014,000.
• Insider trading activity includes CEO Robbert Rietbroek purchasing 8,285 shares and Director Michael John Cramer acquiring 4,000 shares, indicating confidence in the company's future.
• Primo Brands reported Q2 earnings that missed expectations, with a revenue of $1.73 billion, below the consensus estimate of $1.83 billion.

Martingale Asset Management L P lessened its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 46.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,754 shares of the company's stock after selling 49,041 shares during the period. Martingale Asset Management L P's holdings in Primo Brands were worth $2,014,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc bought a new position in shares of Primo Brands during the 1st quarter valued at about $40,000. Versant Capital Management Inc boosted its holdings in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Primo Brands during the 1st quarter valued at about $43,000. Parallel Advisors LLC boosted its holdings in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Primo Brands in the 1st quarter worth about $54,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. TD Securities decreased their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Barclays decreased their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Primo Brands has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Activity at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven P. Stanbrook purchased 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The disclosure for this purchase can be found here. Insiders bought 24,685 shares of company stock worth $595,770 over the last three months. 58.40% of the stock is owned by corporate insiders.

Primo Brands Trading Up 2.4%

Shares of NYSE PRMB traded up $0.61 during mid-day trading on Wednesday, reaching $25.47. The company had a trading volume of 4,867,348 shares, compared to its average volume of 5,254,157. The business's 50-day moving average is $27.75 and its 200-day moving average is $30.90. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a market cap of $9.51 billion, a price-to-earnings ratio of -231.50, a price-to-earnings-growth ratio of 0.66 and a beta of 0.72. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Equities analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's payout ratio is presently -363.64%.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.