Primo Brands (NYSE:PRMB) Reaches New 12-Month Low – Should You Sell?

Shares of Primo Brands Corporation (NYSE:PRMB) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $19.00 and last traded at $17.9730, with a volume of 154466 shares trading hands. The stock had previously closed at $22.66.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRMB shares. Jefferies Financial Group assumed coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 target price for the company. Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Bank of America decreased their price objective on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their target price on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.83.

Primo Brands Price Performance

The firm has a 50-day moving average of $22.44 and a 200-day moving average of $27.01. The stock has a market cap of $5.40 billion, a PE ratio of -131.32, a PEG ratio of 0.61 and a beta of 0.72. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

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, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. The firm’s quarterly revenue was up 35.3% on a year-over-year basis. Research analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently announced 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s payout ratio is currently -363.64%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek acquired 8,285 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the purchase, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael John Cramer bought 4,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This represents a 45.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 24,685 shares of company stock worth $595,770 in the last quarter. 58.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Primo Brands during the second quarter valued at $26,000. IFP Advisors Inc bought a new position in Primo Brands during the 1st quarter worth about $40,000. New Age Alpha Advisors LLC purchased a new position in Primo Brands during the 1st quarter valued at about $43,000. Millstone Evans Group LLC bought a new stake in shares of Primo Brands in the 1st quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after purchasing an additional 1,058 shares during the period. 87.71% of the stock is currently owned by institutional investors.

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.