Primo Brands Corporation $PRMB Stake Raised by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Primo Brands Corporation by 19.4%, owning 83,552 shares valued at approximately $2.97 million after purchasing an additional 13,569 shares.
• Primo Brands reported earnings of $0.36 per share for the last quarter, which was below analyst estimates, alongside a revenue of $1.73 billion, which also did not meet expectations.
• Insiders purchased a total of 24,685 shares worth $595,770 over the past ninety days, indicating confidence in the company's future despite its recent stock price decline.

Intech Investment Management LLC increased its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 19.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,552 shares of the company's stock after purchasing an additional 13,569 shares during the quarter. Intech Investment Management LLC's holdings in Primo Brands were worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 worth $35,319,000 after purchasing an additional 388,520 shares in the last quarter. Empowered Funds LLC purchased a new position in Primo Brands in the 1st quarter worth about $5,879,000. Caxton Associates LLP purchased a new position in Primo Brands in the 1st quarter worth about $266,000. Dynamic Technology Lab Private Ltd purchased a new position in Primo Brands in the 1st quarter worth about $229,000. Finally, Third Point LLC increased its stake in Primo Brands by 15.6% in the 1st quarter. Third Point LLC now owns 2,775,000 shares of the company's stock worth $98,485,000 after purchasing an additional 375,000 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Buying and Selling

In related news, Director Michael John Cramer bought 4,000 shares of Primo Brands stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the acquisition, the director owned 12,762 shares in the company, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven P. Stanbrook bought 12,400 shares of Primo Brands stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by insiders.

Primo Brands Stock Down 1.0%

Shares of Primo Brands stock opened at $24.07 on Monday. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -218.77, a P/E/G ratio of 0.63 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85. The stock has a 50-day simple moving average of $26.46 and a 200-day simple moving average of $30.10.

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). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. The business's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. TD Securities lowered their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Royal Bank Of Canada lowered their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, The Goldman Sachs Group assumed coverage on Primo Brands in a research note on Thursday. They set a "neutral" rating and a $25.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $36.18.

About Primo Brands

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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