Primo Brands Corporation $PRMB Stake Boosted by Rhumbline Advisers

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 increased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 298,228 shares of the company's stock after acquiring an additional 39,471 shares during the period. Rhumbline Advisers owned about 0.08% of Primo Brands worth $10,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Boston Partners grew its stake in shares of Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after buying an additional 7,044,263 shares in the last quarter. Eminence Capital LP increased its holdings in Primo Brands by 48.3% in the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after buying an additional 2,284,912 shares during the last quarter. Victory Capital Management Inc. bought a new position in Primo Brands during the first quarter valued at approximately $184,225,000. Finally, Samlyn Capital LLC raised its position in Primo Brands by 401.8% during the first quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock valued at $165,253,000 after acquiring an additional 3,728,344 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insiders Place Their Bets

In other news, Director Steven P. Stanbrook bought 12,400 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was bought at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael John Cramer acquired 4,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,685 shares of company stock valued at $595,770 in the last 90 days. 58.40% of the stock is currently owned by insiders.

Primo Brands Trading Down 0.3%

Shares of PRMB opened at $24.39 on Thursday. Primo Brands Corporation has a 1 year low of $21.60 and a 1 year high of $35.85. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a 50 day simple moving average of $26.69 and a 200-day simple moving average of $30.29. The stock has a market cap of $9.11 billion, a PE ratio of -221.70, a PEG ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm'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. On average, sell-side analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. Primo Brands's payout ratio is currently -363.64%.

Analyst Upgrades and Downgrades

Several analysts have commented on PRMB shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Barclays lowered their target price 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. Bank of America reduced their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Finally, Royal Bank Of Canada decreased their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Primo Brands Company 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.

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