Primo Brands Corporation (NYSE:PRMB) Shares Sold by Neumeier Poma Investment Counsel LLC

Key Points

• Neumeier Poma Investment Counsel LLC reduced its stake in Primo Brands Corporation by 8.9%, currently holding 976,336 shares valued at approximately $34.65 million.
• Director Tony W. Lee sold over 50.6 million shares on May 12th, significantly decreasing his position by 30.36%, with the total transaction amounting to nearly $1.6 billion.
• Primo Brands reported $1.61 billion in revenue for the last quarter, up 42.1% year-over-year, and beat earnings estimates with an EPS of $0.29.

Neumeier Poma Investment Counsel LLC lowered its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 8.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 976,336 shares of the company's stock after selling 94,825 shares during the quarter. Primo Brands comprises about 3.7% of Neumeier Poma Investment Counsel LLC's portfolio, making the stock its 6th biggest holding. Neumeier Poma Investment Counsel LLC owned about 0.26% of Primo Brands worth $34,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Ritholtz Wealth Management purchased a new stake in shares of Primo Brands during the first quarter worth approximately $608,000. Bank of New York Mellon Corp boosted its holdings in shares of Primo Brands by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after acquiring an additional 96,366 shares during the period. Amalgamated Bank lifted 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 lifted 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, Asset Management One Co. Ltd. acquired a new stake in shares of Primo Brands during the first quarter worth $74,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of NYSE PRMB traded down $0.32 during mid-day trading on Friday, reaching $23.68. 10,649,791 shares of the company traded hands, compared to its average volume of 6,218,017. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The firm has a market cap of $8.91 billion, a PE ratio of -215.27, a price-to-earnings-growth ratio of 0.45 and a beta of 0.73. The stock has a fifty day simple moving average of $29.11 and a 200-day simple moving average of $31.60. Primo Brands Corporation has a fifty-two week low of $21.36 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results 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). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.50%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands's revenue for the quarter was up 31.6% compared to the same quarter last year. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.7%. Primo Brands's dividend payout ratio is presently -500.00%.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 58.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on PRMB. Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Morgan Stanley began coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. Mizuho began coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a report on Friday. Finally, Bank of America reduced their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Primo Brands has an average rating of "Moderate Buy" and a consensus target price of $37.90.

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.