Teza Capital Management LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Teza Capital Management LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,965 shares of the company's stock, valued at approximately $276,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRMB. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the 4th quarter worth approximately $30,000. Blue Trust Inc. bought a new position in Primo Brands in the 4th quarter valued at $33,000. R Squared Ltd purchased a new position in shares of Primo Brands during the 4th quarter valued at $42,000. Finally, Federated Hermes Inc. purchased a new position in shares of Primo Brands during the 4th quarter valued at $55,000. 87.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the sale, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 58.40% of the company's stock.

Primo Brands Stock Performance

NYSE:PRMB traded up $0.66 during mid-day trading on Monday, reaching $31.92. The stock had a trading volume of 5,467,784 shares, compared to its average volume of 3,661,886. The company has a market capitalization of $12.02 billion, a PE ratio of -399.00, a P/E/G ratio of 0.78 and a beta of 0.83. The company has a 50 day moving average price of $33.03. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85.

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

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.25%. Primo Brands's payout ratio is -500.00%.

Wall Street Analyst Weigh In

PRMB has been the subject of several research analyst reports. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Mizuho assumed coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $41.71.

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.