Rhumbline Advisers Takes $7.96 Million Position in Primo Brands Co. (NYSE:PRMB)

Rhumbline Advisers acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 258,757 shares of the company's stock, valued at approximately $7,962,000. Rhumbline Advisers owned about 0.07% of Primo Brands as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PRMB. Rise Advisors LLC bought a new stake in Primo Brands during the fourth quarter valued at approximately $28,000. Blue Trust Inc. bought a new stake in Primo Brands during the fourth quarter valued at approximately $33,000. R Squared Ltd bought a new stake in Primo Brands during the fourth quarter valued at approximately $42,000. Nisa Investment Advisors LLC bought a new stake in Primo Brands during the fourth quarter valued at approximately $176,000. Finally, Entropy Technologies LP bought a new stake in Primo Brands during the fourth quarter valued at approximately $236,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of PRMB traded up $0.04 during mid-day trading on Friday, reaching $33.70. The stock had a trading volume of 5,406,632 shares, compared to its average volume of 2,112,408. Primo Brands Co. has a 12 month low of $16.09 and a 12 month high of $35.25. The business's fifty day moving average price is $32.41. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of 40.77, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

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Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.58 billion. On average, research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRMB. TD Securities boosted their target price on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. BMO Capital Markets started coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Finally, Royal Bank of Canada upped their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $41.40.

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.