AXQ Capital LP Takes $584,000 Position in Primo Brands Corporation $PRMB

AXQ Capital LP purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 19,727 shares of the company’s stock, valued at approximately $584,000.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners lifted its position in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after buying an additional 7,044,263 shares during the period. Vanguard Group Inc. increased its stake in shares of Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after acquiring an additional 4,389,327 shares in the last quarter. Samlyn Capital LLC lifted its position in Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock valued at $165,253,000 after acquiring an additional 3,728,344 shares during the period. Axiom Investors LLC DE bought a new stake in Primo Brands during the first quarter worth about $115,081,000. Finally, Eminence Capital LP grew its holdings in Primo Brands by 48.3% in the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after purchasing an additional 2,284,912 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $15.03 on Friday. The firm’s 50-day moving average price is $20.63 and its 200-day moving average price is $25.77. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The company has a market cap of $5.57 billion, a PE ratio of -136.64, a PEG ratio of 0.61 and a beta of 0.72. 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 issued its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. The company’s revenue for the quarter was up 35.3% on a year-over-year basis. As a group, analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s dividend payout ratio is presently -129.03%.

Primo Brands declared that its Board of Directors has authorized a stock buyback program on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

PRMB has been the subject of several recent research reports. Royal Bank Of Canada lowered their target price on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Jefferies Financial Group assumed coverage on Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Bank of America reduced their price target on Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Finally, Morgan Stanley dropped their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Insider Transactions at Primo Brands

In other news, Director Steven P. Stanbrook bought 54,540 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $16.43 per share, with a total value of $896,092.20. Following the completion of the transaction, the director owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. This trade represents a 42.92% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric J. Foss purchased 123,049 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were purchased at an average price of $15.52 per share, with a total value of $1,909,720.48. Following the completion of the purchase, the chief executive officer owned 355,066 shares in the company, valued at approximately $5,510,624.32. This trade represents a 53.03% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 203,469 shares of company stock valued at $3,214,674. 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.