Strs Ohio Sells 62,224 Shares of Primo Brands Corporation $PRMB

Strs Ohio reduced its position in Primo Brands Corporation (NYSE:PRMB) by 91.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,139 shares of the company’s stock after selling 62,224 shares during the quarter. Strs Ohio’s holdings in Primo Brands were worth $136,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock worth $1,719,000 after acquiring an additional 55,505 shares during the period. Janney Capital Management LLC bought a new stake in Primo Brands during the third quarter worth $3,500,000. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in shares of Primo Brands in the 3rd quarter valued at $335,000. Lecap Asset Management Ltd. bought a new position in shares of Primo Brands in the 3rd quarter valued at $457,000. Finally, Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the 3rd quarter worth $47,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. TD Securities decreased their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Finally, The Goldman Sachs Group dropped their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

Primo Brands Stock Up 0.7%

Shares of NYSE:PRMB opened at $18.98 on Wednesday. The business has a fifty day simple moving average of $17.19 and a 200 day simple moving average of $20.78. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The firm has a market cap of $7.03 billion, a P/E ratio of -61.22, a P/E/G ratio of 0.63 and a beta of 0.63. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. Analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 25th. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. Primo Brands’s dividend payout ratio is -129.03%.

Primo Brands announced that its Board of Directors has approved a stock repurchase program on Monday, November 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Steven P. Stanbrook bought 54,540 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the acquisition, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Eric J. Foss purchased 4,970 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were acquired at an average price of $16.15 per share, with a total value of $80,265.50. Following the completion of the acquisition, the chief executive officer owned 360,036 shares in the company, valued at approximately $5,814,581.40. This trade represents a 1.40% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by corporate insiders.

Primo Brands Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.