Primo Brands Corporation (NYSE:PRMB) Shares Acquired by Amalgamated Bank

Amalgamated Bank raised its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 27.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,872 shares of the company’s stock after acquiring an additional 1,488 shares during the quarter. Amalgamated Bank’s holdings in Primo Brands were worth $244,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth about $30,000. Versant Capital Management Inc boosted its position in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock worth $43,000 after acquiring an additional 906 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth about $55,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth about $62,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRMB shares. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They issued an “outperform” rating and a $43.00 target price for the company. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a “buy” rating and a $42.00 target price for the company. Morgan Stanley started coverage on Primo Brands in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $38.00 target price for the company. Bank of America decreased their target price on Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research report on Friday. Finally, TD Securities started coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $40.70.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director directly owned 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 58.40% of the stock is currently owned by corporate insiders.

Primo Brands Stock Down 6.2%

PRMB opened at $28.65 on Friday. The business has a 50 day moving average price of $30.93 and a two-hundred day moving average price of $32.11. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The company has a market cap of $10.78 billion, a PE ratio of -358.08, a P/E/G ratio of 0.58 and a beta of 0.73. Primo Brands Corporation has a 52 week low of $24.41 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The firm’s quarterly revenue was up 42.1% on a year-over-year basis. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.40%. The ex-dividend date was Friday, June 6th. Primo Brands’s dividend payout ratio is presently -500.00%.

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.