Primo Brands Corporation $PRMB Shares Acquired by Squarepoint Ops LLC

Squarepoint Ops LLC grew its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 62.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 761,563 shares of the company's stock after acquiring an additional 291,412 shares during the quarter. Squarepoint Ops LLC owned about 0.21% of Primo Brands worth $18,613,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Nykredit A S bought a new position in Primo Brands in the 2nd quarter worth approximately $94,000. Corient Private Wealth LP acquired a new position in Primo Brands during the 2nd quarter worth $647,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Primo Brands during the 2nd quarter worth $381,000. California State Teachers Retirement System grew its stake in shares of Primo Brands by 2,285.9% in the second quarter. California State Teachers Retirement System now owns 6,684,511 shares of the company's stock worth $163,369,000 after purchasing an additional 6,404,343 shares in the last quarter. Finally, AXQ Capital LP acquired a new position in shares of Primo Brands during the second quarter valued at $651,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Down 4.5%

Primo Brands stock opened at $20.90 on Thursday. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $26.21. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 80.40, a P/E/G ratio of 1.51 and a beta of 0.73. The company has a 50 day moving average price of $23.49 and a 200 day moving average price of $22.31.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.05. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.36 EPS. Research analysts forecast that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, August 24th. Primo Brands's dividend payout ratio (DPR) is 184.62%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PRMB. Royal Bank Of Canada increased their target price on shares of Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $25.00 price objective on shares of Primo Brands in a research note on Thursday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Primo Brands in a research report on Friday, August 7th. Barclays boosted their price objective on Primo Brands from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.25.

Insider Buying and Selling at Primo Brands

In related news, CEO Eric Foss acquired 84,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the purchase, the chief executive officer owned 573,806 shares of the company's stock, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 32.90% of the stock is owned by corporate insiders.

About Primo Brands

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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