Nitorum Capital L.P. Sells 597,767 Shares of Primo Brands Corporation $PRMB

Key Points

• Nitorum Capital L.P. reduced its stake in Primo Brands Corporation by 22.2%, now holding approximately 2,090,733 shares, making it the company's largest holding at about 10.4% of Nitorum's portfolio.
• CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock, increasing his position by 1.43%, while director Michael John Cramer bought 4,000 shares, marking a 45.65% increase in his position.
• Several analysts have cut their target prices for Primo Brands, with consensus rating now at "Moderate Buy" and a target price of $37.30, down from previous estimates.

Nitorum Capital L.P. cut its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 22.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,090,733 shares of the company's stock after selling 597,767 shares during the quarter. Primo Brands makes up 10.4% of Nitorum Capital L.P.'s investment portfolio, making the stock its biggest holding. Nitorum Capital L.P. owned about 0.56% of Primo Brands worth $74,200,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after acquiring an additional 325 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after buying an additional 498 shares in the last quarter. CWM LLC raised its stake in shares of Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock worth $177,000 after buying an additional 847 shares in the last quarter. Parallel Advisors LLC raised its stake 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 worth $46,000 after buying an additional 902 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake 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 worth $43,000 after buying an additional 906 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook bought 12,400 shares of the stock in a transaction on Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robbert Rietbroek bought 8,285 shares of the stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by insiders.

Primo Brands Price Performance

NYSE:PRMB traded up $0.11 during trading hours on Friday, reaching $25.22. 4,442,434 shares of the company traded hands, compared to its average volume of 5,212,266. The firm's 50-day moving average is $27.01 and its 200-day moving average is $30.43. The stock has a market cap of $9.42 billion, a P/E ratio of -229.31, a P/E/G ratio of 0.67 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. 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 announced its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates 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%. The company's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. 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 note on Monday, August 11th. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Mizuho lowered their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus 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.