M.D. Sass LLC Sells 209,705 Shares of Primo Brands Corporation $PRMB

M.D. Sass LLC cut its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 7.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,464,200 shares of the company’s stock after selling 209,705 shares during the quarter. Primo Brands comprises 4.4% of M.D. Sass LLC’s portfolio, making the stock its 11th biggest holding. M.D. Sass LLC owned 0.66% of Primo Brands worth $54,459,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Viking Global Investors LP increased its holdings in shares of Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after purchasing an additional 14,578,589 shares during the last quarter. Boston Partners lifted its holdings in Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after purchasing an additional 971,939 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Third Point LLC lifted its holdings in shares of Primo Brands by 108.1% during the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after buying an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Primo Brands by 32.7% in the second quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock valued at $145,514,000 after acquiring an additional 1,210,773 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Trading Down 1.7%

Shares of PRMB opened at $19.18 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The company has a market capitalization of $7.10 billion, a P/E ratio of -61.86, a P/E/G ratio of 0.66 and a beta of 0.63. The firm’s 50 day simple moving average is $17.34 and its 200 day simple moving average is $20.76.

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

Primo Brands declared that its Board of Directors has approved a share repurchase plan on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

PRMB has been the subject of several analyst reports. Royal Bank Of Canada dropped their price objective on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Mizuho reduced their target price on Primo Brands from $28.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, January 8th. TD Securities decreased their price target on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a report on Friday, January 23rd. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.83.

Insider Transactions at Primo Brands

In other Primo Brands news, CFO David W. Hass acquired 15,910 shares of the stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average cost of $15.71 per share, for a total transaction of $249,946.10. Following the acquisition, the chief financial officer owned 64,745 shares in the company, valued at $1,017,143.95. The trade was a 32.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael John Cramer acquired 5,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was bought at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the acquisition, the director owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. This trade represents a 39.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 203,469 shares of company stock valued at $3,214,674 over the last quarter. 58.40% of the stock is owned by company insiders.

Primo Brands Profile

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.