Pinnbrook Capital Management LP purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 289,284 shares of the company's stock, valued at approximately $8,901,000. Primo Brands makes up 0.9% of Pinnbrook Capital Management LP's investment portfolio, making the stock its 23rd biggest position. Pinnbrook Capital Management LP owned approximately 0.08% of Primo Brands at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Green Alpha Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $835,000. Fulton Bank N.A. purchased a new stake in Primo Brands during the 4th quarter worth approximately $669,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands during the fourth quarter valued at approximately $111,169,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Primo Brands in the fourth quarter valued at approximately $4,350,000. Finally, Drive Wealth Management LLC acquired a new stake in shares of Primo Brands in the fourth quarter worth approximately $241,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.
Primo Brands Stock Performance
Shares of NYSE PRMB traded up $1.41 during trading on Friday, hitting $34.00. 3,780,785 shares of the company were exchanged, compared to its average volume of 1,956,873. The company's fifty day moving average is $32.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 0.79 and a beta of 1.10. Primo Brands Co. has a 12-month low of $14.10 and a 12-month high of $34.53.
Primo Brands (NYSE:PRMB - Get Free Report) last issued its 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 return on equity of 8.80% and a net margin of 13.63%. The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Research analysts anticipate that Primo Brands Co. will post 0.91 earnings per share for the current fiscal year.
Primo Brands Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.18%. 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's dividend payout ratio is presently 27.95%.
Wall Street Analyst Weigh In
Several research analysts recently commented on PRMB shares. Royal Bank of Canada increased their price objective on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday. TD Securities upped 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a "buy" rating and a $33.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands presently has an average rating of "Buy" and a consensus target price of $40.00.
Get Our Latest Stock Report on PRMB
Primo Brands Company Profile
(
Free Report)
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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