Traders Purchase High Volume of Primo Brands Call Options (NYSE:PRMB)

Primo Brands Corporation (NYSE:PRMB) was the recipient of some unusual options trading on Tuesday. Investors acquired 13,179 call options on the stock. This represents an increase of 310% compared to the average volume of 3,218 call options.

Institutional Investors Weigh In On Primo Brands

Several hedge funds have recently added to or reduced their stakes in PRMB. Dynamic Technology Lab Private Ltd bought a new position in shares of Primo Brands during the 1st quarter valued at about $229,000. Caxton Associates LLP purchased a new stake in Primo Brands in the first quarter worth approximately $266,000. Ensign Peak Advisors Inc grew its position in Primo Brands by 11.4% during the second quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock valued at $385,000 after acquiring an additional 1,330 shares during the last quarter. Franklin Resources Inc. grew its position in Primo Brands by 62.1% during the second quarter. Franklin Resources Inc. now owns 16,090 shares of the company’s stock valued at $477,000 after acquiring an additional 6,162 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Primo Brands by 9.3% during the second quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock worth $806,000 after acquiring an additional 2,318 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.19 during trading on Tuesday, hitting $18.65. The company had a trading volume of 1,777,638 shares, compared to its average volume of 5,987,305. The stock’s 50-day moving average is $19.70 and its two-hundred day moving average is $19.17. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 124.51, a price-to-earnings-growth ratio of 1.32 and a beta of 0.61. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. Primo Brands’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. As a group, analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 6th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.6%. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

Wall Street Analyst Weigh In

PRMB has been the subject of several recent analyst reports. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Royal Bank Of Canada increased their target price on shares of Primo Brands to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. BMO Capital Markets restated an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a research report on Friday, January 23rd. TD Securities upped their price target on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Barclays increased their price objective on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.83.

Primo Brands Company 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.