Primo Water Corp. (PRMW) Sees Unusually-High Trading Volume on Analyst Upgrade
Primo Water Corp. (NASDAQ:PRMW) shares saw strong trading volume on Tuesday after Barrington Research raised their price target on the stock from $13.00 to $15.00. Barrington Research currently has an outperform rating on the stock. 172,497 shares changed hands during trading, an increase of 8% from the previous session’s volume of 160,253 shares.The stock last traded at $13.25 and had previously closed at $13.41.
Other equities analysts also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and set a $13.00 price target on shares of Primo Water Corp. in a research report on Friday, July 29th. Zacks Investment Research raised Primo Water Corp. from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Saturday, July 30th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $13.75.
Several large investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. bought a new stake in shares of Primo Water Corp. during the second quarter worth about $409,000. Metropolitan Life Insurance Co. NY bought a new stake in shares of Primo Water Corp. during the second quarter worth about $192,000. Numeric Investors LLC bought a new stake in shares of Primo Water Corp. during the second quarter worth about $531,000. National Asset Management Inc. boosted its stake in shares of Primo Water Corp. by 100.8% in the second quarter. National Asset Management Inc. now owns 22,670 shares of the company’s stock worth $136,000 after buying an additional 11,381 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in shares of Primo Water Corp. during the second quarter worth about $118,000. Institutional investors own 64.59% of the company’s stock.
The stock has a 50 day moving average price of $11.83 and a 200 day moving average price of $11.42. The company has a market cap of $348.28 million, a P/E ratio of 82.59 and a beta of 0.04.
Primo Water Corp. (NASDAQ:PRMW) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. Primo Water Corp. had a return on equity of 22.31% and a net margin of 3.53%. The company earned $34.40 million during the quarter, compared to the consensus estimate of $33.86 million. During the same period last year, the company earned $0.03 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that Primo Water Corp. will post $0.24 earnings per share for the current year.
About Primo Water Corp.
Primo Water Corporation is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. The Company conducts its operations through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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