Easterly Investment Partners LLC Makes New $1.36 Million Investment in Primo Brands Co. (NYSE:PRMB)

Easterly Investment Partners LLC purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 44,041 shares of the company's stock, valued at approximately $1,355,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $28,000. Fulton Bank N.A. bought a new stake in Primo Brands during the 4th quarter worth about $669,000. Green Alpha Advisors LLC acquired a new position in Primo Brands during the 4th quarter valued at about $835,000. Procyon Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter valued at about $553,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth approximately $176,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. TD Securities raised their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 target price on the stock. Finally, Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has an average rating of "Buy" and an average price target of $41.40.

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Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.03 during trading hours on Tuesday, hitting $35.52. The company's stock had a trading volume of 1,937,935 shares, compared to its average volume of 3,242,160. Primo Brands Co. has a 12 month low of $17.27 and a 12 month high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $13.50 billion, a P/E ratio of 41.51, a PEG ratio of 0.78 and a beta of 1.10. The stock has a 50 day simple moving average of $32.94.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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). The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Equities analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Friday, March 7th. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

About Primo Brands

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.