Strs Ohio Buys Shares of 50,800 Primo Brands Corporation $PRMB

Key Points

• Strs Ohio has acquired a new stake in Primo Brands Corporation, purchasing 50,800 shares valued at approximately $1.80 million during the first quarter.
• Primo Brands reported an EPS of $0.36 in its latest quarterly earnings, missing estimates by $0.05, while its revenue for the quarter was $1.73 billion, below the consensus estimate.
• The company recently announced a quarterly dividend of $0.10 per share, which reflects an annualized yield of 1.8%, but the payout ratio is significantly negative at -363.64%.

Strs Ohio acquired a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 50,800 shares of the company's stock, valued at approximately $1,803,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ritholtz Wealth Management purchased a new stake in shares of Primo Brands during the first quarter worth about $608,000. Bank of New York Mellon Corp boosted its holdings in Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after acquiring an additional 96,366 shares during the period. Amalgamated Bank raised its position in shares of Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after acquiring an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after buying an additional 1,656 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Primo Brands by 8.7% in the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock valued at $13,228,000 after buying an additional 29,939 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Activity

In other news, CEO Robbert Rietbroek bought 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven P. Stanbrook acquired 12,400 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by company insiders.

Primo Brands Price Performance

PRMB traded up $0.12 during midday trading on Friday, hitting $22.47. 7,651,551 shares of the company traded hands, compared to its average volume of 4,879,042. The business has a 50 day simple moving average of $25.71 and a two-hundred day simple moving average of $29.77. 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 company has a market capitalization of $8.39 billion, a price-to-earnings ratio of -204.27, a PEG ratio of 0.59 and a beta of 0.76. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. The company's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PRMB shares. TD Securities decreased their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Barclays cut their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Royal Bank Of Canada reduced their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley cut their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Finally, The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a "neutral" rating and a $25.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and a consensus target price of $36.18.

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.