Cubist Systematic Strategies LLC Trims Holdings in Primo Water Co. (NYSE:PRMW)

Cubist Systematic Strategies LLC decreased its stake in shares of Primo Water Co. (NYSE:PRMW – Get Rating) by 10.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 287,106 shares of the company’s stock after selling 35,042 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.18% of Primo Water worth $3,603,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC purchased a new position in Primo Water during the first quarter worth approximately $36,000. US Bancorp DE lifted its position in Primo Water by 76.0% during the third quarter. US Bancorp DE now owns 2,325 shares of the company’s stock worth $29,000 after buying an additional 1,004 shares in the last quarter. Great West Life Assurance Co. Can purchased a new position in Primo Water during the third quarter worth approximately $95,000. Fulton Bank N.A. purchased a new position in Primo Water during the third quarter worth approximately $154,000. Finally, Bridgefront Capital LLC purchased a new position in Primo Water during the first quarter worth approximately $177,000. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Insider Activity

In other news, Director Jeremy S. G. Fowden sold 3,760 shares of Primo Water stock in a transaction on Friday, January 6th. The stock was sold at an average price of $16.00, for a total value of $60,160.00. Following the completion of the sale, the director now directly owns 1,268,770 shares of the company’s stock, valued at $20,300,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jeremy S. G. Fowden sold 3,760 shares of the business’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $16.00, for a total transaction of $60,160.00. Following the completion of the transaction, the director now directly owns 1,268,770 shares of the company’s stock, valued at approximately $20,300,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeremy S. G. Fowden sold 90,463 shares of the business’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $16.12, for a total value of $1,458,263.56. Following the transaction, the director now directly owns 1,268,770 shares of the company’s stock, valued at $20,452,572.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 141,853 shares of company stock valued at $2,280,980. 4.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PRMW has been the topic of a number of research analyst reports. CIBC downgraded Primo Water from a “sector outperform” rating to a “neutral” rating in a research report on Friday, February 24th. TD Securities lifted their target price on Primo Water from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, November 11th. TheStreet upgraded Primo Water from a “c” rating to a “b-” rating in a research report on Thursday, February 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Primo Water from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 8th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.33.

Primo Water Trading Down 0.1 %

Shares of NYSE PRMW opened at $15.35 on Tuesday. Primo Water Co. has a twelve month low of $12.15 and a twelve month high of $16.47. The company has a current ratio of 0.76, a quick ratio of 0.60 and a debt-to-equity ratio of 0.98. The stock has a fifty day simple moving average of $15.61 and a 200-day simple moving average of $14.65. The stock has a market capitalization of $2.45 billion, a PE ratio of 80.79 and a beta of 1.05.

Primo Water Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 27th. Stockholders of record on Friday, March 10th will be paid a $0.08 dividend. The ex-dividend date is Thursday, March 9th. This is a boost from Primo Water’s previous quarterly dividend of $0.07. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.08%. Primo Water’s payout ratio is presently 168.42%.

Primo Water Company Profile

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Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored water, filtration equipment, and coffee. The company offers its products under the Primo, Alhambra, Crystal Rock, Mountain Valley, Deep Rock, Hinckley Springs, Crystal Springs, Kentwood Springs, Mount Olympus, Pureflo, Nursery, Sierra Springs, Sparkletts, Clear Mountain Natural Spring Water, Earth2O, Renü, and Water Event Pure Water Solutions brands in the United States; Canadian Springs and Labrador Source brands in Canada; and Decantae, Eden, Eden Springs, Chateaud'eau, and Mey Eden brands in Europe and Israel.