Harbert Fund Advisors Inc. Invests $769,000 in Primo Brands Co. (NYSE:PRMB)

Harbert Fund Advisors Inc. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 25,000 shares of the company's stock, valued at approximately $769,000.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at $28,000. SRS Capital Advisors Inc. bought a new position in Primo Brands in the 4th quarter worth about $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth about $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the fourth quarter valued at approximately $33,000. Finally, R Squared Ltd bought a new position in shares of Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRMB shares. JPMorgan Chase & Co. increased their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. TD Securities assumed coverage on Primo Brands in a report on Tuesday. They set a "buy" rating and a $48.00 price objective on the stock. Royal Bank of Canada increased their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Finally, Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and a consensus price target of $41.50.

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Primo Brands Stock Down 1.1 %

NYSE:PRMB opened at $33.55 on Friday. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The company has a market capitalization of $12.75 billion, a PE ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. The firm has a fifty day moving average of $33.17. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $1.58 billion. On average, analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

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

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.

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