Strs Ohio Takes $1.80 Million Position in Primo Brands Corporation $PRMB

Strs Ohio bought a new stake in Primo Brands Corporation (NYSE:PRMB) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 50,800 shares of the company’s stock, valued at approximately $1,803,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Captrust Financial Advisors acquired a new stake in shares of Primo Brands during the fourth quarter worth $287,000. Cetera Investment Advisers acquired a new stake in shares of Primo Brands during the fourth quarter worth $400,000. D. E. Shaw & Co. Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth $797,000. Focus Partners Wealth acquired a new stake in shares of Primo Brands during the fourth quarter worth $290,000. Finally, Janus Henderson Group PLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $2,216,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $22.63 on Wednesday. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of -205.73, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. The stock’s 50-day moving average is $26.14 and its 200-day moving average is $29.97. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85. 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 (NYSE:PRMB) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Equities analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands’s dividend payout ratio is presently -363.64%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PRMB. TD Securities decreased their price objective on Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Bank of America decreased their price objective on Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, July 11th. Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a report on Friday, August 22nd. Finally, Royal Bank Of Canada reduced their target price on Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands has an average rating of “Moderate Buy” and an average target price of $36.18.

Insider Buying and Selling

In related news, Director Michael John Cramer bought 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares of the company’s stock, valued at approximately $312,158.52. The trade was a 45.65% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robbert Rietbroek bought 8,285 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the acquisition, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company’s stock.

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.