NewGen Equity Long Short Fund Makes New Investment in Primo Brands Corporation $PRMB

NewGen Equity Long Short Fund bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 235,200 shares of the company’s stock, valued at approximately $6,967,000. Primo Brands makes up about 4.1% of NewGen Equity Long Short Fund’s portfolio, making the stock its 8th largest position. NewGen Equity Long Short Fund owned about 0.06% of Primo Brands as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Primo Brands during the 2nd quarter valued at approximately $26,000. IFP Advisors Inc purchased a new position in shares of Primo Brands during the 1st quarter valued at approximately $40,000. New Age Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the first quarter worth approximately $43,000. TD Private Client Wealth LLC bought a new stake in shares of Primo Brands in the second quarter worth $71,000. Finally, Parallel Advisors LLC raised its holdings in Primo Brands by 98.6% in the second quarter. Parallel Advisors LLC now owns 2,586 shares of the company’s stock valued at $77,000 after acquiring an additional 1,284 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Activity

In other news, Director Michael John Cramer bought 5,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the transaction, the director owned 17,762 shares in the company, valued at approximately $279,396.26. This trade represents a 39.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook purchased 54,540 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the purchase, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. This trade represents a 42.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 203,469 shares of company stock valued at $3,214,674. Company insiders own 58.40% of the company’s stock.

Primo Brands Trading Down 0.9%

Shares of NYSE PRMB opened at $15.50 on Wednesday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The company has a market cap of $5.74 billion, a price-to-earnings ratio of -140.95, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock’s 50 day simple moving average is $21.18 and its 200 day simple moving average is $26.10.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.Primo Brands’s quarterly revenue was up 35.3% compared to the same quarter last year. Equities research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current 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 outstanding shares. This buyback authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be given a $0.10 dividend. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.6%. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRMB. Royal Bank Of Canada reduced their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Jefferies Financial Group initiated 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. Bank of America lowered their price target on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

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.