Strs Ohio Acquires 17,563 Shares of Primo Brands Corporation $PRMB

Strs Ohio raised its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 34.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,363 shares of the company’s stock after buying an additional 17,563 shares during the period. Strs Ohio’s holdings in Primo Brands were worth $2,025,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Signaturefd LLC raised its stake in shares of Primo Brands by 12.1% in the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company’s stock valued at $107,000 after acquiring an additional 325 shares in the last quarter. Procyon Advisors LLC raised its position in shares of Primo Brands by 2.3% in the second quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock valued at $545,000 after purchasing an additional 411 shares during the period. GAMMA Investing LLC raised its position in shares of Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock valued at $69,000 after purchasing an additional 498 shares during the period. Fulton Bank N.A. grew its stake in Primo Brands by 3.1% in the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock valued at $736,000 after buying an additional 737 shares during the last quarter. Finally, CWM LLC raised its holdings in Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock worth $177,000 after acquiring an additional 847 shares during the period. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

NYSE PRMB opened at $22.22 on Wednesday. The stock has a market cap of $8.30 billion, a P/E ratio of -201.97, a PEG ratio of 0.61 and a beta of 0.76. The company’s 50-day simple moving average is $22.85 and its 200 day simple moving average is $27.23. Primo Brands Corporation has a twelve month low of $21.37 and a twelve month high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands’s quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands’s dividend payout ratio is -363.64%.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook purchased 12,400 shares of the stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares of the company’s stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of the stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares of the company’s stock, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 24,685 shares of company stock worth $595,770 over the last three months. Company insiders own 58.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley dropped their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Bank of America dropped their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Jefferies Financial Group started coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Finally, Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and an average target price of $33.08.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.