Pinnbrook Capital Management LP Grows Position in Primo Brands Corporation $PRMB

Pinnbrook Capital Management LP grew its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 496,451 shares of the company’s stock after acquiring an additional 14,199 shares during the quarter. Primo Brands comprises 1.7% of Pinnbrook Capital Management LP’s investment portfolio, making the stock its 17th largest position. Pinnbrook Capital Management LP’s holdings in Primo Brands were worth $14,705,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PRMB. Vanguard Group Inc. raised its stake in Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Boston Partners raised its position in shares of Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after buying an additional 971,939 shares in the last quarter. Eminence Capital LP raised its position in shares of Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after buying an additional 2,284,912 shares in the last quarter. Samlyn Capital LLC lifted its holdings in shares of Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock worth $165,253,000 after acquiring an additional 3,728,344 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Primo Brands by 60.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,802,613 shares of the company’s stock worth $112,405,000 after acquiring an additional 1,433,010 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Up 0.6%

Shares of NYSE PRMB opened at $16.40 on Friday. The firm’s fifty day moving average is $21.54 and its 200 day moving average is $26.43. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company has a market cap of $6.07 billion, a price-to-earnings ratio of -149.13, a PEG ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company’s revenue for the quarter was up 35.3% on a year-over-year basis. On average, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands declared that its Board of Directors has initiated a share buyback plan on Monday, November 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s payout ratio is currently -129.03%.

Insiders Place Their Bets

In other Primo Brands news, Director Michael John Cramer bought 5,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the acquisition, the director directly owned 17,762 shares in the company, valued at $279,396.26. The trade was a 39.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David W. Hass purchased 15,910 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average cost of $15.71 per share, with a total value of $249,946.10. Following the purchase, the chief financial officer directly owned 64,745 shares of the company’s stock, valued at $1,017,143.95. This trade represents a 32.58% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 203,469 shares of company stock worth $3,214,674. 58.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on PRMB. TD Securities lowered their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Royal Bank Of Canada decreased their price objective on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. Bank of America cut their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Barclays reduced their price target on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Finally, Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.