Tocqueville Asset Management L.P. Acquires Shares of 60,500 Primo Brands Co. (NYSE:PRMB)

Tocqueville Asset Management L.P. acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,500 shares of the company's stock, valued at approximately $1,862,000.

Other hedge funds have also bought and sold shares of the company. Green Alpha Advisors LLC acquired a new stake in Primo Brands during the 4th quarter worth about $835,000. Fulton Bank N.A. bought a new stake in shares of Primo Brands during the 4th quarter valued at about $669,000. PNC Financial Services Group Inc. acquired a new stake in Primo Brands during the fourth quarter worth approximately $252,000. Allspring Global Investments Holdings LLC bought a new stake in Primo Brands in the fourth quarter worth approximately $111,169,000. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Primo Brands in the fourth quarter valued at approximately $4,350,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of Primo Brands stock traded down $0.29 on Monday, hitting $32.01. The company had a trading volume of 4,906,636 shares, compared to its average volume of 2,796,720. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $39.23. 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's 50 day simple moving average is $32.68. The firm has a market capitalization of $12.17 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10.

Remove Ads

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 during the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Equities analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

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

Analyst Upgrades and Downgrades

PRMB has been the subject of several recent analyst reports. Royal Bank of Canada raised their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an "outperform" rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, TD Securities upped their price target on Primo Brands from $40.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has a consensus rating of "Buy" and an average price target of $41.40.

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.