Primo Water (NYSE:PRMW) Issues Quarterly Earnings Results

Primo Water (NYSE:PRMWGet Rating) issued its earnings results on Thursday. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02, MarketWatch Earnings reports. The business had revenue of $526.10 million for the quarter, compared to the consensus estimate of $516.19 million. Primo Water had a negative net margin of 0.15% and a positive return on equity of 5.33%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Primo Water updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Shares of PRMW stock opened at $13.82 on Friday. The firm’s 50-day moving average is $14.33 and its two-hundred day moving average is $16.07. The company has a market capitalization of $2.22 billion, a PE ratio of -691.00 and a beta of 1.33. Primo Water has a 12 month low of $13.34 and a 12 month high of $20.12. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.72 and a quick ratio of 0.58.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 22nd. Shareholders of record on Friday, June 10th will be issued a $0.07 dividend. The ex-dividend date is Thursday, June 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.03%. Primo Water’s dividend payout ratio is currently -1,400.00%.

A number of brokerages have weighed in on PRMW. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Primo Water from $18.00 to $16.00 in a report on Friday. Zacks Investment Research downgraded Primo Water from a “hold” rating to a “sell” rating in a research report on Friday, March 18th. TD Securities lowered their price objective on Primo Water from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 25th. Finally, Citigroup cut their price target on Primo Water from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.80.

In other news, Director Steven P. Stanbrook purchased 3,362 shares of the stock in a transaction that occurred on Monday, February 28th. The stock was acquired at an average price of $14.37 per share, with a total value of $48,311.94. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jay Wells purchased 10,000 shares of the stock in a transaction on Monday, March 7th. The stock was bought at an average price of $13.81 per share, for a total transaction of $138,100.00. The disclosure for this purchase can be found here. Insiders own 5.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Levin Capital Strategies L.P. acquired a new position in shares of Primo Water in the 4th quarter valued at about $247,000. Sei Investments Co. grew its holdings in Primo Water by 13.2% during the fourth quarter. Sei Investments Co. now owns 27,516 shares of the company’s stock valued at $485,000 after purchasing an additional 3,213 shares during the period. Susquehanna International Group LLP boosted its holdings in shares of Primo Water by 135.5% in the fourth quarter. Susquehanna International Group LLP now owns 28,773 shares of the company’s stock worth $507,000 after acquiring an additional 16,555 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Primo Water in the fourth quarter worth $612,000. Finally, Comerica Bank lifted its stake in Primo Water by 1.9% during the fourth quarter. Comerica Bank now owns 37,535 shares of the company’s stock worth $632,000 after purchasing an additional 700 shares during the last quarter. Institutional investors own 93.36% of the company’s stock.

Primo Water Company Profile (Get Rating)

Primo Water Corporation provides water direct to consumers and water filtration services in North America and Europe. It offers bottled water, purified bottled water, premium spring, sparkling and flavored water, mineral water, filtration equipment, and coffee; as well as water dispensers, and self-service refill drinking water.

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Earnings History for Primo Water (NYSE:PRMW)

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