Gotham Asset Management LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Gotham Asset Management LLC bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 70,166 shares of the company's stock, valued at approximately $2,159,000.

A number of other large investors have also bought and sold shares of the company. FMR LLC bought a new stake in Primo Brands in the 4th quarter valued at about $653,019,000. Vanguard Group Inc. bought a new stake in shares of Primo Brands in the fourth quarter valued at approximately $471,249,000. William Blair Investment Management LLC purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $343,451,000. Eminence Capital LP bought a new position in Primo Brands in the 4th quarter worth approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Primo Brands in the 4th quarter valued at approximately $128,982,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Down 1.9%

Shares of Primo Brands stock traded down $0.63 on Monday, hitting $31.69. The stock had a trading volume of 5,251,952 shares, compared to its average volume of 3,615,795. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The firm has a 50-day moving average of $33.01. The firm has a market cap of $11.93 billion, a PE ratio of -396.13, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed 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 is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.26%. Primo Brands's payout ratio is -500.00%.

Insider Buying and Selling at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. 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.

Analyst Ratings Changes

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