Praesidium Investment Management Company LLC Has $128.44 Million Stock Position in Primo Water Co. (NYSE:PRMW)

Praesidium Investment Management Company LLC lessened its holdings in shares of Primo Water Co. (NYSE:PRMW) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,899,068 shares of the company’s stock after selling 75,643 shares during the period. Primo Water accounts for approximately 6.6% of Praesidium Investment Management Company LLC’s holdings, making the stock its 6th biggest position. Praesidium Investment Management Company LLC’s holdings in Primo Water were worth $128,439,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. QS Investors LLC bought a new stake in shares of Primo Water during the 1st quarter valued at about $128,454,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in Primo Water during the 1st quarter valued at about $170,000. Alpha Paradigm Partners LLC acquired a new position in Primo Water during the 1st quarter valued at about $182,000. Prudential Financial Inc. boosted its stake in Primo Water by 5.6% during the 1st quarter. Prudential Financial Inc. now owns 11,528 shares of the company’s stock valued at $187,000 after purchasing an additional 607 shares during the period. Finally, Hilton Capital Management LLC boosted its stake in Primo Water by 7.9% during the 1st quarter. Hilton Capital Management LLC now owns 11,758 shares of the company’s stock valued at $191,000 after purchasing an additional 859 shares during the period. 89.08% of the stock is owned by institutional investors and hedge funds.

Primo Water stock traded down $0.08 during mid-day trading on Thursday, reaching $16.72. The company had a trading volume of 9,571 shares, compared to its average volume of 1,004,395. The company has a current ratio of 0.81, a quick ratio of 0.66 and a debt-to-equity ratio of 0.99. Primo Water Co. has a 52 week low of $12.39 and a 52 week high of $17.85. The stock’s 50 day simple moving average is $16.91. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 37.89 and a beta of 1.31.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, May 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.05). The business had revenue of $478.40 million during the quarter, compared to analyst estimates of $476.55 million. Primo Water had a negative net margin of 7.43% and a positive return on equity of 5.43%. On average, equities research analysts predict that Primo Water Co. will post 0.74 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 16th. Shareholders of record on Friday, June 4th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Thursday, June 3rd. Primo Water’s dividend payout ratio is currently 27.27%.

In other news, CFO Jay Wells sold 38,960 shares of the firm’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $17.01, for a total value of $662,709.60. Following the transaction, the chief financial officer now owns 313,261 shares of the company’s stock, valued at approximately $5,328,569.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeremy S. G. Fowden sold 61,512 shares of Primo Water stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $17.59, for a total transaction of $1,081,996.08. Following the transaction, the director now directly owns 1,568,592 shares in the company, valued at approximately $27,591,533.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,338,434 shares of company stock worth $23,121,710. Insiders own 5.90% of the company’s stock.

A number of research firms have issued reports on PRMW. CIBC boosted their target price on shares of Primo Water from $18.00 to $18.50 and gave the company an “outperform” rating in a research note on Friday, May 7th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Primo Water from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, May 3rd. TD Securities upped their price target on shares of Primo Water from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, May 7th. Zacks Investment Research raised shares of Primo Water from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Primo Water in a research note on Friday, June 11th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $19.29.

Primo Water Company Profile

Primo Water Corporation provides water direct to consumers and water filtration services in North America, Europe, and Israel. The company offers bottled water, purified and spring bottled water, self-service refill drinking water, sparkling and flavored water, mineral water, and coffee; and water dispensers and filtration equipment.

Further Reading: Dollar Cost Averaging

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Institutional Ownership by Quarter for Primo Water (NYSE:PRMW)

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