Harbert Fund Advisors Inc. Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Harbert Fund Advisors Inc. acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 25,000 shares of the company's stock, valued at approximately $769,000.

A number of other hedge funds have also bought and sold shares of the company. Neuberger Berman Group LLC bought a new position in Primo Brands in the 4th quarter valued at about $269,000. Phoenix Financial Ltd. bought a new position in Primo Brands during the fourth quarter worth about $302,000. Martingale Asset Management L P purchased a new stake in Primo Brands during the 4th quarter worth about $3,255,000. Renaissance Technologies LLC bought a new stake in Primo Brands during the 4th quarter worth approximately $36,291,000. Finally, Legal & General Group Plc bought a new position in Primo Brands in the 4th quarter worth about $13,903,000. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

PRMB has been the subject of several research analyst reports. TD Securities initiated coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target 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. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $41.50.

Primo Brands Trading Down 1.8 %

Shares of NYSE PRMB traded down $0.62 during mid-day trading on Wednesday, reaching $33.23. The company had a trading volume of 1,495,947 shares, compared to its average volume of 3,223,632. The firm has a market cap of $12.63 billion, a PE ratio of 40.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The stock's 50-day moving average price is $33.20. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. 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 (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. As a group, equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.20%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

Primo Brands 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.