Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Primo Brands Corporation $PRMB

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Primo Brands Corporation (NYSE:PRMB) by 75.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,557 shares of the company’s stock after selling 47,870 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Primo Brands were worth $461,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRMB. Procyon Advisors LLC raised its position in shares of Primo Brands by 2.3% during the 2nd quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock worth $545,000 after acquiring an additional 411 shares in the last quarter. Fulton Bank N.A. increased its stake in Primo Brands by 3.1% in the second quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock valued at $736,000 after purchasing an additional 737 shares during the last quarter. CWM LLC raised its holdings in Primo Brands by 20.5% during the first 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. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Primo Brands during the 2nd quarter worth approximately $26,000. Finally, Corbyn Investment Management Inc. MD lifted its position in shares of Primo Brands by 0.3% during the 1st quarter. Corbyn Investment Management Inc. MD now owns 367,933 shares of the company’s stock worth $13,058,000 after buying an additional 1,058 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Insider Activity

In other news, Director Steven P. Stanbrook bought 54,540 shares of the stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $16.43 per share, with a total value of $896,092.20. Following the completion of the acquisition, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. The trade was a 42.92% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael John Cramer purchased 5,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the purchase, the director owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. This trade represents a 39.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. The Goldman Sachs Group started coverage on shares of Primo Brands in a research note on Thursday, September 11th. They set a “neutral” rating and a $25.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Wednesday. Mizuho reduced their target price on Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday, October 28th. Bank of America decreased their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 8th. Finally, Barclays cut their price target on Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Primo Brands Stock Performance

NYSE PRMB opened at $14.96 on Friday. The firm has a market cap of $5.54 billion, a P/E ratio of -136.01, a P/E/G ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The business’s 50-day moving average price is $20.81 and its 200 day moving average price is $25.94. The company has a quick ratio of 0.88, a current ratio of 1.06 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 analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The firm’s revenue was up 35.3% compared to the same quarter last year. On average, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands announced that its Board of Directors has approved a share buyback plan on Monday, November 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

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.