Primo Water (NASDAQ:PRMW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $22.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.91% from the stock’s current price.

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. “

Several other brokerages have also issued reports on PRMW. B. Riley lifted their price target on Primo Water from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, June 26th. BidaskClub lowered Primo Water from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 19th. ValuEngine upgraded Primo Water from a “hold” rating to a “buy” rating in a report on Friday, May 11th. BMO Capital Markets lifted their price target on Primo Water from $15.00 to $16.00 and gave the company a “market perform” rating in a report on Thursday, May 24th. Finally, William Blair started coverage on Primo Water in a report on Thursday, May 24th. They set an “outperform” rating for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $20.75.

Shares of Primo Water stock opened at $20.20 on Wednesday. The stock has a market cap of $755.79 million, a PE ratio of 95.48, a PEG ratio of 4.40 and a beta of -0.14. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.06 and a quick ratio of 0.88. Primo Water has a 52-week low of $10.47 and a 52-week high of $20.72.

Primo Water (NASDAQ:PRMW) last announced its quarterly earnings results on Tuesday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The business had revenue of $75.80 million during the quarter, compared to analyst estimates of $72.96 million. Primo Water had a return on equity of 8.21% and a net margin of 3.21%. equities analysts expect that Primo Water will post 0.38 earnings per share for the current fiscal year.

In related news, VP Michael Cauthen sold 1,377 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $19.56, for a total value of $26,934.12. Following the completion of the sale, the vice president now directly owns 6,159 shares in the company, valued at approximately $120,470.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles A. Norris sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $20.41, for a total value of $510,250.00. Following the completion of the sale, the director now owns 167,556 shares of the company’s stock, valued at $3,419,817.96. The disclosure for this sale can be found here. 13.50% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of PRMW. MetLife Investment Advisors LLC acquired a new stake in Primo Water in the 4th quarter worth approximately $138,000. Quantitative Systematic Strategies LLC acquired a new stake in Primo Water in the 1st quarter worth approximately $173,000. Martingale Asset Management L P acquired a new stake in Primo Water in the 2nd quarter worth approximately $186,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Primo Water in the 2nd quarter worth approximately $198,000. Finally, Bank of Montreal Can lifted its holdings in Primo Water by 5,864.6% in the 2nd quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock worth $200,000 after purchasing an additional 11,260 shares during the last quarter. Hedge funds and other institutional investors own 74.18% of the company’s stock.

Primo Water Company Profile

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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