Monashee Investment Management LLC Buys Shares of 560,000 Primo Brands Corporation $PRMB

Key Points

• Monashee Investment Management LLC acquired a new position in Primo Brands Corporation, purchasing 560,000 shares worth approximately $19.87 million, making it the firm's 9th largest holding.
• Primo Brands recently reported earnings, with an EPS of $0.36, which missed analysts' expectations, alongside a revenue of $1.73 billion, below the forecast of $1.83 billion.
• Primo Brands announced a quarterly dividend of $0.10 per share, representing an annualized yield of 1.6%, with the ex-dividend date set for August 21st.

Monashee Investment Management LLC bought a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 560,000 shares of the company's stock, valued at approximately $19,874,000. Primo Brands accounts for approximately 2.4% of Monashee Investment Management LLC's investment portfolio, making the stock its 9th largest holding. Monashee Investment Management LLC owned 0.15% of Primo Brands as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ritholtz Wealth Management acquired a new stake in shares of Primo Brands during the first quarter worth $608,000. Bank of New York Mellon Corp raised its holdings in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Amalgamated Bank raised its holdings in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Primo Brands by 8.7% during the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after purchasing an additional 29,939 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Price Performance

Primo Brands stock traded up $0.05 during trading hours on Tuesday, hitting $24.86. 1,557,852 shares of the company traded hands, compared to its average volume of 5,244,496. The firm has a market cap of $9.28 billion, a P/E ratio of -225.95, a P/E/G ratio of 0.68 and a beta of 0.72. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm's 50-day simple moving average is $27.85 and its two-hundred day simple moving average is $30.94. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85.

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

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. Primo Brands's dividend payout ratio (DPR) is -363.64%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRMB. Royal Bank Of Canada dropped their target price on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Morgan Stanley dropped their price objective 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 cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday. Bank of America dropped their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, TD Securities dropped their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Primo Brands currently has an average rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Transactions at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek acquired 8,285 shares of the stock in a transaction dated 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 purchase, the chief executive officer directly owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael John Cramer bought 4,000 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director owned 12,762 shares of the company's stock, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 24,685 shares of company stock valued at $595,770 in the last quarter. Insiders own 58.40% of the company's stock.

About Primo Brands

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.