Rice Hall James & Associates LLC Invests $4.39 Million in Primo Brands Co. (NYSE:PRMB)

Rice Hall James & Associates LLC bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 142,697 shares of the company's stock, valued at approximately $4,391,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $835,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $669,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $111,169,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $4,350,000. Finally, Drive Wealth Management LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $241,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Up 4.3 %

PRMB stock traded up $1.41 during midday trading on Friday, hitting $34.00. The company's stock had a trading volume of 3,780,785 shares, compared to its average volume of 1,956,873. The stock has a market cap of $12.89 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 0.79 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 company's 50-day moving average is $32.10. Primo Brands Co. has a 1 year low of $14.10 and a 1 year high of $34.53.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 13.63% and a return on equity of 8.80%. As a group, equities analysts forecast that Primo Brands Co. will post 0.91 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.10 per share. This is an increase from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.18%. Primo Brands's dividend payout ratio is presently 27.95%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRMB shares. Deutsche Bank Aktiengesellschaft started coverage on Primo Brands in a report on Monday, November 18th. They set a "buy" rating and a $33.00 price objective for the company. BMO Capital Markets assumed coverage on Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective for the company. TD Securities upped their price target on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a report on Friday. JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Royal Bank of Canada upped their price target on Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $40.00.

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.