Short Interest in Primo Brands Corporation (NYSE:PRMB) Expands By 57.4%

Key Points

• Short interest in Primo Brands Corporation has surged by 57.4% in September, with 17.36 million shares shorted, accounting for 6.9% of the company's shares.
• Company insiders purchased 24,685 shares valued at approximately $595,770 in the last 90 days, resulting in insiders owning 58.40% of the company's stock.
• Primo Brands reported a quarterly earnings miss of $0.36 per share compared to the consensus estimate of $0.41, while also announcing a quarterly dividend of $0.10 per share.

Primo Brands Corporation (NYSE:PRMB - Get Free Report) was the recipient of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 17,360,000 shares, an increase of 57.4% from the August 31st total of 11,030,000 shares. Currently, 6.9% of the company's shares are short sold. Based on an average daily volume of 6,590,000 shares, the short-interest ratio is currently 2.6 days. Based on an average daily volume of 6,590,000 shares, the short-interest ratio is currently 2.6 days. Currently, 6.9% of the company's shares are short sold.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. This represents a 11.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the stock in a transaction on Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director owned 12,762 shares in the company, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 24,685 shares of company stock valued at $595,770 in the last 90 days. Company insiders own 58.40% of the company's stock.

Institutional Trading of Primo Brands

Several large investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in Primo Brands in the first quarter valued at approximately $608,000. Bank of New York Mellon Corp lifted its position in Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after purchasing an additional 96,366 shares during the period. Amalgamated Bank boosted its holdings in Primo Brands by 27.6% in the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after purchasing an additional 1,488 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares during the period. Finally, Axiom Investors LLC DE purchased a new position in shares of Primo Brands during the 1st quarter valued at about $115,081,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Up 0.3%

Shares of PRMB stock opened at $22.09 on Monday. Primo Brands has a 1-year low of $21.56 and a 1-year high of $35.85. The stock's fifty day moving average price is $24.39 and its 200 day moving average price is $29.08. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The company has a market cap of $8.25 billion, a price-to-earnings ratio of -200.85, a price-to-earnings-growth ratio of 0.58 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.Primo Brands's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. Primo Brands's dividend payout ratio (DPR) is -363.64%.

Wall Street Analyst Weigh In

PRMB has been the topic of several research reports. The Goldman Sachs Group began coverage on Primo Brands in a research note on Thursday, September 11th. They set a "neutral" rating and a $25.00 price target on the stock. Royal Bank Of Canada reduced their price target on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Zacks Research downgraded shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Mizuho cut their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Finally, Bank of America lowered their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.18.

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.

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