Primo Brands Corporation $PRMB Shares Purchased by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

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 holdings 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 disclosure with the Securities & Exchange Commission. The institutional investor owned 156,191 shares of the company's stock after acquiring 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 filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PRMB. Signaturefd LLC boosted its position in shares of Primo Brands by 12.1% during the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after purchasing an additional 325 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Primo Brands by 34.5% in the first 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 lifted its stake in Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after acquiring an additional 847 shares during the period. Parallel Advisors LLC boosted its holdings 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 valued at $46,000 after acquiring an additional 902 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Primo Brands by 286.7% in 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 during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Up 0.9%

PRMB stock traded up $0.20 during trading on Tuesday, hitting $22.63. 6,461,645 shares of the company's stock traded hands, compared to its average volume of 4,677,579. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $8.45 billion, a P/E ratio of -205.73, a PEG ratio of 0.59 and a beta of 0.76. Primo Brands Corporation has a 1 year low of $21.60 and a 1 year high of $35.85. The business has a fifty day simple moving average of $26.14 and a two-hundred day simple moving average of $29.97.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Insider Transactions at Primo Brands

In related news, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robbert Rietbroek purchased 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRMB shares. Mizuho reduced their price target on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Barclays cut their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Morgan Stanley reduced their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Finally, Royal Bank Of Canada lowered their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.