Cornercap Investment Counsel Inc. Invests $984,000 in Primo Water Co. (NYSE:PRMW)

Cornercap Investment Counsel Inc. acquired a new stake in shares of Primo Water Co. (NYSE:PRMW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 65,351 shares of the company's stock, valued at approximately $984,000.

A number of other institutional investors also recently modified their holdings of PRMW. Wellington Management Group LLP bought a new position in shares of Primo Water in the third quarter valued at approximately $33,135,000. BlackRock Inc. raised its position in shares of Primo Water by 24.7% in the third quarter. BlackRock Inc. now owns 11,600,023 shares of the company's stock valued at $145,580,000 after purchasing an additional 2,296,515 shares during the period. Norges Bank bought a new position in shares of Primo Water in the fourth quarter valued at approximately $22,126,000. Goldman Sachs Group Inc. raised its position in shares of Primo Water by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 11,581,085 shares of the company's stock valued at $165,030,000 after purchasing an additional 1,031,066 shares during the period. Finally, Clearline Capital LP raised its position in shares of Primo Water by 55.2% in the second quarter. Clearline Capital LP now owns 2,419,882 shares of the company's stock valued at $30,345,000 after purchasing an additional 860,380 shares during the period. Institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Raymond James lowered shares of Primo Water from a "strong-buy" rating to an "outperform" rating and set a $21.00 price target on the stock. in a research report on Wednesday, April 3rd. TD Securities dropped their target price on shares of Primo Water from $26.00 to $23.00 and set a "buy" rating on the stock in a research report on Thursday, January 11th. JPMorgan Chase & Co. boosted their target price on shares of Primo Water from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 20th. Finally, StockNews.com downgraded shares of Primo Water from a "strong-buy" rating to a "buy" rating in a research note on Sunday, February 18th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $20.75.

Primo Water Price Performance

NYSE PRMW traded up $0.06 on Tuesday, hitting $17.57. 1,166,030 shares of the company were exchanged, compared to its average volume of 1,004,827. The firm has a 50 day moving average of $16.79 and a two-hundred day moving average of $15.26. The company has a market cap of $2.83 billion, a P/E ratio of 11.79, a P/E/G ratio of 1.65 and a beta of 1.12. The company has a current ratio of 2.03, a quick ratio of 1.92 and a debt-to-equity ratio of 0.88. Primo Water Co. has a 1-year low of $12.27 and a 1-year high of $18.49.

Primo Water (NYSE:PRMW - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.10). The company had revenue of $438.70 million for the quarter, compared to analyst estimates of $582.93 million. Primo Water had a return on equity of 8.55% and a net margin of 10.82%. On average, equities analysts predict that Primo Water Co. will post 0.82 EPS for the current year.

Primo Water Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a dividend of $0.09 per share. This is a boost from Primo Water's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Thursday, March 7th. Primo Water's payout ratio is currently 24.16%.

Primo Water Profile

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.