Primo Brands Corporation $PRMB Shares Acquired by Clearline Capital LP

Key Points

• Clearline Capital LP dramatically increased its stake in Primo Brands by 2,871.7% in the fourth quarter, ending with 2.49 million shares worth about $40.8 million. The stock now ranks as Clearline’s 6th largest holding.
• Primo Brands reported quarterly EPS of $0.23, slightly below estimates, while revenue came in at $1.63 billion, ahead of expectations. Analysts still expect the company to earn about $1.25 per share for the full fiscal year.
• The company paid a quarterly dividend of $0.12 per share, equal to an annualized yield of about 2.0%. Meanwhile, analysts currently have a Moderate Buy consensus with a target price of $25.91.

Clearline Capital LP increased its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 2,871.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,494,348 shares of the company's stock after purchasing an additional 2,410,410 shares during the period. Primo Brands accounts for 2.0% of Clearline Capital LP's investment portfolio, making the stock its 6th largest holding. Clearline Capital LP owned 0.67% of Primo Brands worth $40,783,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. One Rock Capital Partners LLC acquired a new stake in Primo Brands during the 4th quarter worth $1,900,047,000. Viking Global Investors LP boosted its stake in Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company's stock worth $509,051,000 after purchasing an additional 3,431,854 shares during the period. Vanguard Group Inc. boosted its stake in Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock worth $376,522,000 after purchasing an additional 1,053,185 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in Primo Brands by 189.5% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock worth $236,333,000 after purchasing an additional 9,461,990 shares during the period. Finally, William Blair Investment Management LLC boosted its stake in Primo Brands by 6.7% during the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company's stock worth $206,458,000 after purchasing an additional 793,036 shares during the period. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of PRMB opened at $23.66 on Thursday. The company has a 50-day simple moving average of $22.13 and a 200-day simple moving average of $19.76. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $8.59 billion, a PE ratio of 169.01, a P/E/G ratio of 2.10 and a beta of 0.72. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $30.98.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 EPS. Equities research analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Thursday, June 4th. Primo Brands's dividend payout ratio (DPR) is currently 342.86%.

Analysts Set New Price Targets

A number of analysts recently weighed in on PRMB shares. Mizuho increased their price target on shares of Primo Brands from $24.00 to $28.00 and gave the stock an "outperform" rating in a research note on Thursday, March 5th. Zacks Research upgraded shares of Primo Brands from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Weiss Ratings upgraded shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Primo Brands from $27.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $25.91.

Primo Brands Profile

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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