Zacks Investment Research downgraded shares of Primo Water Corporation (NASDAQ:PRMW) from a hold rating to a sell rating in a research note released on Saturday morning.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

PRMW has been the subject of a number of other reports. ValuEngine raised Primo Water Corporation from a sell rating to a hold rating in a report on Friday, June 2nd. B. Riley reaffirmed a buy rating and issued a $17.50 price objective on shares of Primo Water Corporation in a research report on Monday, August 7th. BidaskClub raised Primo Water Corporation from a sell rating to a hold rating in a research report on Sunday, July 16th. BMO Capital Markets reaffirmed a market perform rating on shares of Primo Water Corporation in a research report on Friday, June 9th. Finally, Barrington Research lifted their price objective on Primo Water Corporation from $16.50 to $17.00 and gave the company an outperform rating in a research report on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Primo Water Corporation has a consensus rating of Hold and an average target price of $17.10.

Primo Water Corporation (PRMW) opened at 13.06 on Friday. The stock’s market capitalization is $389.76 million. The stock’s 50 day moving average price is $12.66 and its 200-day moving average price is $13.05. Primo Water Corporation has a 12-month low of $10.74 and a 12-month high of $15.39.

Primo Water Corporation (NASDAQ:PRMW) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.09. Primo Water Corporation had a negative return on equity of 42.49% and a negative net margin of 11.15%. The company had revenue of $74.80 million during the quarter, compared to analyst estimates of $73.20 million. During the same period last year, the firm earned $0.11 earnings per share. The business’s revenue was up 117.4% compared to the same quarter last year. Analysts expect that Primo Water Corporation will post ($0.31) earnings per share for the current year.

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In other news, insider Camden Partners Strategic Fund sold 7,985 shares of Primo Water Corporation stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $13.50, for a total value of $107,797.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders bought 2,250 shares of company stock valued at $24,450. Company insiders own 15.80% of the company’s stock.

Large investors have recently made changes to their positions in the stock. US Bancorp DE increased its stake in shares of Primo Water Corporation by 110.3% in the first quarter. US Bancorp DE now owns 9,884 shares of the company’s stock worth $135,000 after buying an additional 5,184 shares in the last quarter. HighTower Advisors LLC increased its stake in Primo Water Corporation by 2.9% in the first quarter. HighTower Advisors LLC now owns 10,600 shares of the company’s stock worth $145,000 after buying an additional 300 shares during the period. SG Americas Securities LLC purchased a new stake in Primo Water Corporation during the first quarter worth about $147,000. Highbridge Capital Management LLC purchased a new stake in Primo Water Corporation during the fourth quarter worth about $149,000. Finally, Citadel Advisors LLC purchased a new stake in Primo Water Corporation during the first quarter worth about $156,000. 61.09% of the stock is owned by institutional investors and hedge funds.

Primo Water Corporation Company Profile

Primo Water Corporation (Primo) provides 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. It operates through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).

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