M.D. Sass LLC Sells 209,705 Shares of Primo Brands Corporation $PRMB

M.D. Sass LLC cut its stake in Primo Brands Corporation (NYSE:PRMB) by 7.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,464,200 shares of the company’s stock after selling 209,705 shares during the quarter. Primo Brands comprises 4.4% of M.D. Sass LLC’s holdings, making the stock its 11th largest holding. M.D. Sass LLC’s holdings in Primo Brands were worth $54,459,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PRMB. Viking Global Investors LP boosted its stake in Primo Brands by 290.2% during the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares in the last quarter. Boston Partners grew its position in Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after purchasing an additional 971,939 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Third Point LLC raised its position in Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after buying an additional 3,000,000 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Primo Brands by 32.7% in the second quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock worth $145,514,000 after purchasing an additional 1,210,773 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Down 1.7%

NYSE:PRMB opened at $19.18 on Friday. The company has a 50-day moving average of $17.34 and a 200 day moving average of $20.76. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The firm has a market cap of $7.10 billion, a PE ratio of -61.86, a price-to-earnings-growth ratio of 0.66 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86.

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

Primo Brands announced that its Board of Directors has authorized a share repurchase plan on Monday, November 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PRMB shares. BMO Capital Markets restated an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. Jefferies Financial Group began coverage on Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 18th. TD Securities lowered their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.83.

Insider Activity

In other news, CFO David W. Hass acquired 15,910 shares of Primo Brands stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average price of $15.71 per share, for a total transaction of $249,946.10. Following the purchase, the chief financial officer directly owned 64,745 shares in the company, valued at $1,017,143.95. The trade was a 32.58% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven P. Stanbrook purchased 54,540 shares of Primo Brands stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the transaction, the director owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. This represents a 42.92% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 203,469 shares of company stock valued at $3,214,674. Corporate insiders own 58.40% of the company’s stock.

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.