Primo Brands Corporation $PRMB Stock Sold by Steinberg Asset Management LLC

Steinberg Asset Management LLC reduced its position in Primo Brands Corporation (NYSE:PRMB) by 18.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 123,820 shares of the company’s stock after selling 28,600 shares during the period. Primo Brands comprises about 1.5% of Steinberg Asset Management LLC’s holdings, making the stock its 13th largest position. Steinberg Asset Management LLC’s holdings in Primo Brands were worth $2,359,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Squarepoint Ops LLC raised its holdings in shares of Primo Brands by 62.0% during the 2nd quarter. Squarepoint Ops LLC now owns 761,563 shares of the company’s stock valued at $18,613,000 after purchasing an additional 291,412 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Primo Brands in the 2nd quarter valued at $1,735,000. Royal Bank of Canada lifted its stake in shares of Primo Brands by 127.1% in the 1st quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock valued at $2,464,000 after purchasing an additional 73,253 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Primo Brands by 1,569.2% in the third quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock worth $2,335,000 after purchasing an additional 115,225 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in Primo Brands in the second quarter worth $4,494,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of PRMB opened at $19.73 on Monday. The company has a market capitalization of $7.15 billion, a PE ratio of 75.89, a price-to-earnings-growth ratio of 1.99 and a beta of 0.73. Primo Brands Corporation has a one year low of $14.36 and a one year high of $26.21. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86. The company’s fifty day moving average price is $20.47 and its 200 day moving average price is $21.39.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. As a group, analysts expect that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Analyst Ratings Changes

PRMB has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft set a $21.00 target price on Primo Brands in a report on Monday, October 19th. Barclays decreased their price target on Primo Brands from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Primo Brands in a research note on Friday, August 7th. JPMorgan Chase & Co. reduced their target price on Primo Brands from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Friday. Finally, Morgan Stanley restated an “overweight” rating and issued a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and a consensus target price of $27.55.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the purchase, the chief executive officer directly owned 573,806 shares in the company, valued at $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 32.90% of the company’s stock.

Primo Brands Company Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.