Renaissance Technologies LLC Makes New $36.29 Million Investment in Primo Brands Co. (NYSE:PRMB)

Renaissance Technologies LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,179,423 shares of the company's stock, valued at approximately $36,291,000. Renaissance Technologies LLC owned 0.31% of Primo Brands at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRMB. Rise Advisors LLC bought a new position in Primo Brands during the 4th quarter valued at $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the fourth quarter worth about $30,000. Blue Trust Inc. bought a new stake in Primo Brands in the fourth quarter valued at about $33,000. Finally, R Squared Ltd acquired a new stake in Primo Brands during the fourth quarter valued at approximately $42,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PRMB. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $41.50.

Primo Brands Price Performance

PRMB traded up $0.59 during midday trading on Thursday, hitting $33.68. 590,977 shares of the company's stock traded hands, compared to its average volume of 3,216,072. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $12.80 billion, a P/E ratio of 40.33, a PEG ratio of 0.78 and a beta of 0.82. The company's fifty day moving average price is $33.19. 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 issued its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. On average, research analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.19%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th.

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.