Great Lakes Advisors LLC Has $1.88 Million Stake in Primo Brands Corporation $PRMB

Great Lakes Advisors LLC decreased its position in shares of Primo Brands Corporation (NYSE:PRMB) by 46.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 84,984 shares of the company’s stock after selling 73,302 shares during the quarter. Great Lakes Advisors LLC’s holdings in Primo Brands were worth $1,878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of PRMB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Primo Brands during the second quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its holdings in Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares during the period. Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the 3rd quarter worth approximately $47,000. 1620 Investment Advisors Inc. bought a new position in shares of Primo Brands during the third quarter worth approximately $54,000. Finally, Blue Trust Inc. bought a new position in shares of Primo Brands during the third quarter worth approximately $57,000. Institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRMB. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. JPMorgan Chase & Co. dropped their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Jefferies Financial Group started coverage on Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 target price on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Finally, Mizuho cut their price objective on shares of Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, January 8th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

Primo Brands Trading Down 0.2%

Shares of PRMB opened at $18.93 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of -61.06, a PEG ratio of 0.64 and a beta of 0.63. The business’s fifty day moving average is $17.04 and its 200-day moving average is $20.97.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. Equities analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, November 25th. Primo Brands’s dividend payout ratio is currently -129.03%.

Primo Brands announced that its Board of Directors has approved a share buyback plan on Monday, November 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Primo Brands

In related news, CFO David W. Hass purchased 15,910 shares of the stock in a transaction dated Tuesday, November 11th. The stock was bought at an average cost of $15.71 per share, for a total transaction of $249,946.10. Following the completion of the acquisition, the chief financial officer owned 64,745 shares of the company’s stock, valued at approximately $1,017,143.95. This represents a 32.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven P. Stanbrook acquired 54,540 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were purchased at an average cost of $16.43 per share, for a total transaction of $896,092.20. Following the acquisition, the director owned 181,601 shares in the company, valued at $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 203,469 shares of company stock worth $3,214,674 in the last 90 days. 58.40% of the stock is currently owned by company insiders.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.