Zacks Investment Research upgraded shares of Primo Water Corporation (NASDAQ:PRMW) from a sell rating to a hold rating in a report released on Wednesday 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. “

A number of other brokerages also recently weighed in on PRMW. BidaskClub raised shares of Primo Water Corporation from a sell rating to a hold rating in a report on Sunday, July 16th. B. Riley reissued a buy rating and issued a $17.50 price target on shares of Primo Water Corporation in a report on Sunday, August 13th. Finally, ValuEngine downgraded shares of Primo Water Corporation from a hold rating to a sell rating in a report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Primo Water Corporation presently has a consensus rating of Hold and a consensus target price of $17.38.

Shares of Primo Water Corporation (PRMW) traded up 0.57% during mid-day trading on Wednesday, hitting $10.63. 234,122 shares of the company traded hands. The firm’s market cap is $317.50 million. Primo Water Corporation has a 52-week low of $10.54 and a 52-week high of $15.39. The firm has a 50-day moving average price of $11.39 and a 200 day moving average price of $12.20.

Primo Water Corporation (NASDAQ:PRMW) last announced its earnings results on Tuesday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.09). The company had revenue of $74.80 million during the quarter, compared to the consensus estimate of $73.20 million. Primo Water Corporation had a negative net margin of 11.15% and a negative return on equity of 42.49%. The business’s quarterly revenue was up 117.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 EPS. Equities research analysts anticipate that Primo Water Corporation will post ($0.31) EPS for the current fiscal year.

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In other Primo Water Corporation news, Director Malcolm Mcquilkin sold 13,714 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $11.70, for a total value of $160,453.80. Following the completion of the sale, the director now directly owns 101,246 shares of the company’s stock, valued at approximately $1,184,578.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Billy D. Prim sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $12.16, for a total transaction of $12,160,000.00. Following the completion of the sale, the insider now directly owns 1,980,927 shares of the company’s stock, valued at $24,088,072.32. The disclosure for this sale can be found here. Insiders sold a total of 1,040,858 shares of company stock valued at $12,639,169 over the last three months. 15.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE lifted its holdings in Primo Water Corporation by 110.3% in the 1st quarter. US Bancorp DE now owns 9,884 shares of the company’s stock valued at $135,000 after acquiring an additional 5,184 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Primo Water Corporation by 2.9% in the 1st quarter. HighTower Advisors LLC now owns 10,600 shares of the company’s stock valued at $145,000 after acquiring an additional 300 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Primo Water Corporation in the 1st quarter valued at about $147,000. Citadel Advisors LLC purchased a new stake in Primo Water Corporation during the first quarter valued at about $156,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in Primo Water Corporation during the second quarter valued at about $159,000. 63.05% of the stock is owned by institutional investors.

About Primo Water Corporation

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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