New Age Alpha Advisors LLC Buys Shares of 1,223 Primo Brands Corporation (NYSE:PRMB)

New Age Alpha Advisors LLC acquired a new stake in Primo Brands Corporation (NYSE:PRMB) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,223 shares of the company’s stock, valued at approximately $43,000.

Several other hedge funds also recently modified their holdings of the business. IFP Advisors Inc acquired a new position in shares of Primo Brands in the 1st quarter worth approximately $40,000. Versant Capital Management Inc boosted its holdings in shares of Primo Brands by 286.7% in 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 holdings in shares of Primo Brands by 225.5% in 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. Millstone Evans Group LLC acquired a new position in shares of Primo Brands in the 1st quarter worth approximately $54,000. Finally, Federated Hermes Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $55,000. 87.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several research analyst reports. TD Securities decreased their price target on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley lowered their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday. Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. Mizuho initiated coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 price target for the company. Finally, Royal Bank Of Canada lowered their price target on shares of Primo Brands from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Friday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.60.

Primo Brands Stock Up 1.7%

NYSE PRMB opened at $24.09 on Tuesday. The business has a fifty day moving average price of $28.95 and a two-hundred day moving average price of $31.53. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a fifty-two week low of $21.36 and a fifty-two week high of $35.85. The stock has a market capitalization of $9.00 billion, a PE ratio of -218.98, a PEG ratio of 0.45 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. Equities analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.7%. Primo Brands’s dividend payout ratio (DPR) is presently -363.64%.

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.