Royce & Associates LP Takes Position in Primo Brands Co. (NYSE:PRMB)

Royce & Associates LP bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 236,352 shares of the company's stock, valued at approximately $7,273,000. Royce & Associates LP owned 0.06% of Primo Brands at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on PRMB. Deutsche Bank Aktiengesellschaft boosted their price objective 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 increased their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. JPMorgan Chase & Co. raised their price objective 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. BMO Capital Markets started coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price for the company. Finally, Royal Bank of Canada lifted 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 equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands has a consensus rating of "Buy" and an average target price of $41.40.

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Primo Brands Stock Performance

Primo Brands stock traded up $0.03 during mid-day trading on Friday, reaching $32.43. The company's stock had a trading volume of 4,341,566 shares, compared to its average volume of 2,772,974. The stock has a market cap of $12.33 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The firm's 50 day simple moving average is $32.68. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. As a group, sell-side analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a dividend of $0.10 per share. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, March 7th.

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.