Monashee Investment Management LLC Takes $19.87 Million Position in 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 stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to its most recent disclosure 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 comprises approximately 2.4% of Monashee Investment Management LLC's investment portfolio, making the stock its 9th biggest holding. Monashee Investment Management LLC owned approximately 0.15% of Primo Brands as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Ritholtz Wealth Management bought a new position in shares of Primo Brands during the first quarter valued at approximately $608,000. Bank of New York Mellon Corp grew its holdings in Primo Brands by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after buying an additional 96,366 shares in the last quarter. Amalgamated Bank grew its holdings in Primo Brands by 27.6% in the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after buying an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Primo Brands by 14.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after buying an additional 1,656 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in Primo Brands by 8.7% in the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after buying an additional 29,939 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Brands Price Performance

PRMB opened at $25.0350 on Thursday. The stock has a fifty day moving average of $28.14 and a 200-day moving average of $31.15. The firm has a market capitalization of $9.35 billion, a P/E ratio of -227.59, a PEG ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a 12-month low of $21.54 and a 12-month high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations 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 forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

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 dividend of $0.10 per share. 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 dividend payout ratio (DPR) is currently -363.64%.

Insider Buying and Selling

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares of the company's stock, valued at $312,158.52. This represents a 45.65% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on PRMB. Morgan Stanley cut their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Mizuho reduced their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Bank of America reduced their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Finally, TD Securities reduced their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Primo Brands presently has an average rating of "Moderate Buy" and a consensus target price of $37.30.

Primo Brands Company 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.

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