Polar Asset Management Partners Inc. Sells 55,000 Shares of Primo Brands Corporation $PRMB

Key Points

• Polar Asset Management Partners Inc. reduced its holdings in Primo Brands by 61.1%, holding $1.24 million worth of the company's stock after selling 55,000 shares.
• Institutional investors own 87.71% of Primo Brands, with significant stake increases from firms like Vanguard Group and Boston Partners.
• Primo Brands reported earnings of $0.36 per share, missing estimates, and aims for an EPS of 1.13 for the current fiscal year, despite a revenue growth of 31.6% year-over-year.

Polar Asset Management Partners Inc. reduced its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 61.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,000 shares of the company's stock after selling 55,000 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Primo Brands were worth $1,242,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc acquired a new position in Primo Brands during the first quarter worth $40,000. Versant Capital Management Inc raised its stake in Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after acquiring an additional 906 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in Primo Brands during the first quarter worth $43,000. Parallel Advisors LLC raised its stake in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Primo Brands during the first quarter worth $54,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Primo Brands news, Director Steven P. Stanbrook acquired 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director directly owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robbert Rietbroek acquired 8,285 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the acquisition, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This represents a 1.43% 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 worth $595,770 in the last 90 days. Corporate insiders own 58.40% of the company's stock.

Primo Brands Trading Down 1.2%

PRMB traded down $0.30 during midday trading on Friday, reaching $24.03. 1,383,980 shares of the company were exchanged, compared to its average volume of 5,215,939. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85. The stock has a market capitalization of $8.97 billion, a P/E ratio of -218.41, a PEG ratio of 0.65 and a beta of 0.76. The stock's 50-day simple moving average is $26.58 and its 200 day simple moving average is $30.21.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. 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. As a group, analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PRMB shares. TD Securities cut their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Mizuho cut their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Morgan Stanley lowered their price objective 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. Finally, Zacks Research lowered Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.18.

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.