Townsquare Capital LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Townsquare Capital LLC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,276 shares of the company's stock, valued at approximately $255,000.

A number of other hedge funds have also bought and sold shares of PRMB. FMR LLC bought a new position in shares of Primo Brands in the fourth quarter worth about $653,019,000. Vanguard Group Inc. purchased a new position in Primo Brands in the fourth quarter worth $471,249,000. William Blair Investment Management LLC purchased a new position in Primo Brands in the fourth quarter worth $343,451,000. JPMorgan Chase & Co. purchased a new position in Primo Brands in the fourth quarter worth $122,757,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Primo Brands in the fourth quarter worth $111,169,000. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Truist Financial assumed coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. Royal Bank of Canada lifted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target on the stock. TD Securities began 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $41.50.

Primo Brands Stock Performance

NYSE PRMB traded down $0.59 on Monday, reaching $31.93. 2,656,124 shares of the company's stock traded hands, compared to its average volume of 3,223,966. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business has a 50 day moving average of $33.12. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two 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 posted its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. As a group, equities research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%.

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.