Primo Water Corp. (PRMW) Trading 2.6% Higher After Analyst Upgrade
Primo Water Corp. (NASDAQ:PRMW) shares traded up 2.6% during mid-day trading on Wednesday 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. Primo Water Corp. traded as high as $13.35 and last traded at $13.35, with a volume of 125,163 shares. The stock had previously closed at $13.01.
A number of other analysts have also recently issued reports on PRMW. B. Riley reissued a “buy” rating and issued a $13.00 target price 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 target price 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 given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $13.75.
A number of hedge funds have recently bought and sold shares of the company. Algert Global LLC boosted its stake in Primo Water Corp. by 66.5% in the third quarter. Algert Global LLC now owns 90,047 shares of the company’s stock worth $1,092,000 after buying an additional 35,949 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new stake in Primo Water Corp. during the second quarter worth $409,000. Metropolitan Life Insurance Co. NY bought a new stake in Primo Water Corp. during the second quarter worth $192,000. Numeric Investors LLC bought a new stake in Primo Water Corp. during the second quarter worth $531,000. Finally, National Asset Management Inc. boosted its stake in 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 during the last quarter. 64.59% of the stock is owned by institutional investors.
The company has a market capitalization of $350.36 million, a P/E ratio of 83.09 and a beta of 0.04. The firm has a 50 day moving average price of $11.87 and a 200-day moving average price of $11.43.
Primo Water Corp. (NASDAQ:PRMW) last announced its earnings results 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 business had revenue of $34.40 million for the quarter, compared to analyst estimates of $33.86 million. During the same period in the previous year, the company earned $0.03 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts predict that Primo Water Corp. will post $0.24 earnings per share for the current fiscal 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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