Primo Brands (NYSE:PRMB) Releases Quarterly Earnings Results, Meets Expectations

Primo Brands (NYSE:PRMB) issued its quarterly earnings results on Thursday. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41, Briefing.com reports. The firm had revenue of $1.77 billion during 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.

Primo Brands Stock Down 18.4%

Shares of NYSE:PRMB traded down $3.26 on Friday, reaching $14.45. The company had a trading volume of 52,398,134 shares, compared to its average volume of 5,322,170. The firm has a market capitalization 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 current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands has a 52-week low of $14.36 and a 52-week high of $35.85. The firm’s 50 day simple moving average is $22.44 and its 200-day simple moving average is $26.96.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.8%. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. TD Securities reduced their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada lowered their price objective 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. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Finally, Mizuho decreased their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, October 28th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.83.

Insider Activity at Primo Brands

In related news, Director Michael John Cramer bought 4,000 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares of the company’s stock, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook bought 12,400 shares of Primo Brands stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director directly owned 125,025 shares of the company’s stock, valued at $3,005,601. This represents a 11.01% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 24,685 shares of company stock valued at $595,770 over the last quarter. 58.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primo Brands

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP acquired a new stake in Primo Brands in the second quarter valued at approximately $1,249,000. FORA Capital LLC lifted its holdings in shares of Primo Brands by 4.3% during the 2nd quarter. FORA Capital LLC now owns 69,445 shares of the company’s stock valued at $2,057,000 after purchasing an additional 2,872 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Primo Brands by 611.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 84,690 shares of the company’s stock worth $2,509,000 after purchasing an additional 72,786 shares in the last quarter. Voleon Capital Management LP acquired a new stake in shares of Primo Brands in the 2nd quarter worth $275,000. Finally, Tidal Investments LLC grew its stake in Primo Brands by 7.3% during the 2nd quarter. Tidal Investments LLC now owns 101,655 shares of the company’s stock worth $3,011,000 after buying an additional 6,931 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

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.