Global Alpha Capital Management Ltd. Invests $2.70 Million in Primo Brands Co. (NYSE:PRMB)

Global Alpha Capital Management Ltd. purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 87,837 shares of the company's stock, valued at approximately $2,703,000.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in Primo Brands in the fourth quarter worth approximately $111,169,000. KBC Group NV purchased a new position in shares of Primo Brands in the 4th quarter valued at $49,585,000. Bank of New York Mellon Corp bought a new position in shares of Primo Brands in the 4th quarter worth $40,563,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth $36,995,000. Finally, Levin Capital Strategies L.P. bought a new stake in Primo Brands during the fourth quarter valued at about $34,763,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

PRMB has been the subject of several analyst reports. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an "outperform" rating and a $40.00 price target for the company. TD Securities increased 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. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Royal Bank of Canada raised their price objective on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $41.40.

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Primo Brands Trading Up 3.3 %

Shares of PRMB stock traded up $1.00 during mid-day trading on Wednesday, reaching $31.32. The stock had a trading volume of 6,799,450 shares, compared to its average volume of 2,671,583. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.25. The company has a market cap of $11.90 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $32.55.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share 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 business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. On average, analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.28%. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 7th.

Primo Brands Company 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.