Squarepoint Ops LLC Makes New $3.55 Million Investment in Primo Brands Co. (NYSE:PRMB)

Squarepoint Ops LLC acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 115,368 shares of the company's stock, valued at approximately $3,550,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Two Sigma Advisers LP bought a new stake in Primo Brands during the 4th quarter worth about $2,535,000. Two Sigma Investments LP acquired a new stake in shares of Primo Brands in the fourth quarter valued at about $7,229,000. Tidal Investments LLC bought a new stake in Primo Brands during the fourth quarter worth about $3,024,000. Teza Capital Management LLC acquired a new position in Primo Brands during the fourth quarter valued at approximately $276,000. Finally, State of Wyoming bought a new position in Primo Brands in the fourth quarter valued at approximately $488,000. Institutional investors own 87.71% of the company's stock.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director now owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 58.40% of the company's stock.

Primo Brands Stock Up 0.8%

NYSE PRMB traded up $0.26 during mid-day trading on Friday, hitting $33.09. The company's stock had a trading volume of 7,417,747 shares, compared to its average volume of 3,709,905. The company's 50 day simple moving average is $33.04 and its 200 day simple moving average is $32.11. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $12.46 billion, a price-to-earnings ratio of -413.63, a PEG ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue was up 42.1% compared to the same quarter last year. Analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PRMB shares. TD Securities started coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Bank of America started coverage on shares of Primo Brands in a research report on Wednesday. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands currently has an average rating of "Buy" and an average price target of $41.75.

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.