Rhumbline Advisers Has $10.58 Million Stake in Primo Brands Corporation $PRMB

Key Points

• Rhumbline Advisers increased its stake in Primo Brands Corporation by 15.3% in Q1, holding a total of 298,228 shares valued at approximately $10.58 million.
• In Q1, several institutional investors, including Vanguard Group and Boston Partners, significantly boosted their holdings, resulting in institutional ownership of 87.71% in the company.
• Primo Brands reported a quarterly EPS of $0.36, missing estimates, with revenue of $1.73 billion but showing a growth of 31.6% year-over-year.

Rhumbline Advisers raised its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 15.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 298,228 shares of the company's stock after buying an additional 39,471 shares during the quarter. Rhumbline Advisers owned 0.08% of Primo Brands worth $10,584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in Primo Brands in the 1st quarter valued at approximately $1,803,000. Intech Investment Management LLC grew its holdings in Primo Brands by 19.4% in the 1st quarter. Intech Investment Management LLC now owns 83,552 shares of the company's stock valued at $2,965,000 after buying an additional 13,569 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Primo Brands by 64.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 995,194 shares of the company's stock valued at $35,319,000 after buying an additional 388,520 shares during the last quarter. Empowered Funds LLC acquired a new stake in Primo Brands in the 1st quarter valued at approximately $5,879,000. Finally, Caxton Associates LLP acquired a new stake in Primo Brands in the 1st quarter valued at approximately $266,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

PRMB traded up $0.22 during trading on Tuesday, hitting $22.65. The company's stock had a trading volume of 1,610,695 shares, compared to its average volume of 5,235,409. The firm's 50 day moving average price is $26.30 and its two-hundred day moving average price is $30.02. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of -205.86, a price-to-earnings-growth ratio of 0.63 and a beta of 0.76.

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 (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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The company's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. Primo Brands's payout ratio is -363.64%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Zacks Research lowered Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Mizuho decreased their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Royal Bank Of Canada decreased their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, TD Securities decreased their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to 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.