MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $5.54 Million Position in Primo Brands Corporation $PRMB

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Primo Brands by 73.7%, boosting its holdings to 156,191 shares valued at approximately $5.54 million.
• Primo Brands reported earnings per share of $0.36 for the most recent quarter, missing estimates and marking a 31.6% increase in year-over-year revenue.
• The company recently paid a quarterly dividend of $0.10 per share, resulting in a 1.6% yield for investors, despite a negative dividend payout ratio.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 73.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 156,191 shares of the company's stock after buying an additional 66,295 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Primo Brands were worth $5,543,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc acquired a new stake in shares of Primo Brands during the 1st quarter worth about $40,000. Versant Capital Management Inc lifted 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 during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the 1st quarter worth about $43,000. Parallel Advisors LLC lifted 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 during the last quarter. Finally, Millstone Evans Group LLC bought a new position in Primo Brands during the first quarter worth about $54,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Activity

In related news, Director Steven P. Stanbrook purchased 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of Primo Brands stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company's stock.

Primo Brands Price Performance

PRMB stock traded down $0.26 during mid-day trading on Friday, hitting $24.07. The stock had a trading volume of 3,603,430 shares, compared to its average volume of 4,516,749. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week high of $35.85. The firm has a market capitalization of $8.99 billion, a P/E ratio of -218.77, a P/E/G ratio of 0.64 and a beta of 0.76. The firm has a fifty day simple moving average of $26.46 and a 200 day simple moving average of $30.12.

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). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Analyst Ratings Changes

PRMB has been the topic of a number of recent research reports. Bank of America lowered their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. The Goldman Sachs Group initiated coverage on shares of Primo Brands in a research report on Thursday. They set a "neutral" rating and a $25.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.18.

Primo Brands 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.