Amalgamated Bank Buys 6,294 Shares of Primo Brands Corporation $PRMB

Amalgamated Bank boosted its position in Primo Brands Corporation (NYSE:PRMB) by 91.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,166 shares of the company’s stock after buying an additional 6,294 shares during the period. Amalgamated Bank’s holdings in Primo Brands were worth $390,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Primo Brands by 7.3% in the first quarter. Principal Financial Group Inc. now owns 79,224 shares of the company’s stock worth $2,812,000 after acquiring an additional 5,383 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company’s stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Xponance Inc. raised its position in shares of Primo Brands by 33.0% during the first quarter. Xponance Inc. now owns 15,076 shares of the company’s stock worth $535,000 after purchasing an additional 3,744 shares during the period. Arizona State Retirement System bought a new position in shares of Primo Brands in the 1st quarter worth $2,104,000. Finally, CWM LLC lifted its holdings in shares of Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company’s stock worth $177,000 after purchasing an additional 847 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook bought 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director directly owned 125,025 shares of the company’s stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB opened at $14.45 on Friday. The stock has a 50 day moving average of $22.44 and a 200 day moving average of $26.96. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of -131.32, a PEG ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $35.85. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. The company’s quarterly revenue was up 35.3% on a year-over-year basis. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.8%. Primo Brands’s dividend payout ratio is presently -363.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRMB. Bank of America decreased their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Jefferies Financial Group began coverage on shares of Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company. Morgan Stanley lowered their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Monday, August 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $31.83.

Primo Brands Company 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.