Aperture Investors LLC Has $6.64 Million Holdings in Primo Brands Corporation $PRMB

Aperture Investors LLC trimmed its position in shares of Primo Brands Corporation (NYSE:PRMB) by 50.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 224,058 shares of the company’s stock after selling 228,664 shares during the quarter. Aperture Investors LLC owned approximately 0.06% of Primo Brands worth $6,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Qube Research & Technologies Ltd bought a new position in Primo Brands during the second quarter valued at approximately $44,044,000. Intact Investment Management Inc. increased its stake in shares of Primo Brands by 34.5% during the 2nd quarter. Intact Investment Management Inc. now owns 504,960 shares of the company’s stock worth $14,957,000 after purchasing an additional 129,450 shares during the last quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna bought a new position in shares of Primo Brands during the 2nd quarter valued at $370,000. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Primo Brands in the 2nd quarter valued at $2,318,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Primo Brands in the 2nd quarter valued at $643,000. Institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. cut 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. TD Securities cut their price objective on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 1st. The Goldman Sachs Group lowered their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, November 25th. Finally, Mizuho dropped their price target on shares of Primo Brands from $35.00 to $28.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 26th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Insider Buying and Selling

In related news, CFO David W. Hass purchased 15,910 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $15.71 per share, for a total transaction of $249,946.10. Following the completion of the transaction, the chief financial officer directly owned 64,745 shares of the company’s stock, valued at approximately $1,017,143.95. The trade was a 32.58% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer acquired 5,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were bought at an average price of $15.73 per share, with a total value of $78,650.00. Following the completion of the purchase, the director directly owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. This represents a 39.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 203,469 shares of company stock worth $3,214,674 in the last quarter. Corporate insiders own 58.40% of the company’s stock.

Primo Brands Price Performance

NYSE:PRMB opened at $15.70 on Wednesday. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of -50.64, a PEG ratio of 0.51 and a beta of 0.64. The company has a 50-day moving average of $19.07 and a 200-day moving average of $24.35. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The company’s revenue for the quarter was up 35.3% compared to the same quarter last year. As a group, equities research analysts anticipate 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 Friday, December 5th. Investors of record on Tuesday, November 25th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands declared that its Board of Directors has initiated a stock repurchase plan on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Primo Brands 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.