Townsquare Capital LLC Acquires Shares of 8,276 Primo Brands Co. (NYSE:PRMB)

Townsquare Capital LLC bought 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. The fund bought 8,276 shares of the company's stock, valued at approximately $255,000.

A number of other institutional investors have also made changes to their positions in the business. Green Alpha Advisors LLC bought a new stake in shares of Primo Brands during the fourth quarter worth approximately $835,000. PNC Financial Services Group Inc. acquired a new stake in Primo Brands during the 4th quarter worth approximately $252,000. Fulton Bank N.A. bought a new stake in Primo Brands in the 4th quarter valued at $669,000. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands in the 4th quarter valued at $111,169,000. Finally, Sei Investments Co. bought a new position in Primo Brands during the 4th quarter worth $10,548,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of recent research reports. TD Securities began coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. BMO Capital Markets initiated coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $41.50.

Primo Brands Stock Up 2.3 %

Shares of Primo Brands stock opened at $32.95 on Wednesday. The company has a market capitalization of $12.52 billion, a PE ratio of 39.87, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The business has a fifty day simple moving average of $33.16.

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

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This is a positive change from Primo Brands's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.21%.

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.

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