Thompson Siegel & Walmsley LLC Invests $2.32 Million in Primo Brands Co. (NYSE:PRMB)

Thompson Siegel & Walmsley LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 75,500 shares of the company's stock, valued at approximately $2,323,000.

A number of other institutional investors have also recently bought and sold shares of the stock. HBK Sorce Advisory LLC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $245,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Primo Brands in the fourth quarter valued at approximately $163,000. Swiss National Bank purchased a new stake in Primo Brands in the fourth quarter valued at approximately $9,512,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Primo Brands during the fourth quarter worth approximately $2,586,000. Finally, Great Lakes Advisors LLC purchased a new stake in Primo Brands during the fourth quarter worth approximately $5,613,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRMB. Royal Bank of Canada boosted their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, January 6th. 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. JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, TD Securities upped their price target on shares of Primo Brands from $40.00 to $48.00 and gave the company a "buy" rating in a report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $41.40.

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Primo Brands Stock Performance

Shares of PRMB stock traded up $0.11 during midday trading on Wednesday, reaching $31.93. 1,674,413 shares of the company were exchanged, compared to its average volume of 2,765,670. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.25. The stock has a market capitalization of $12.14 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.78 and a beta of 1.10. The business has a 50 day simple moving average of $32.59. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. This is a boost from Primo Brands's previous quarterly dividend of $0.09.

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.