Primo Brands Corporation (NYSE:PRMB) Short Interest Down 20.0% in February

Primo Brands Corporation (NYSE:PRMB) saw a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 33,527,836 shares, a drop of 20.0% from the February 12th total of 41,934,428 shares. Approximately 22.2% of the company’s stock are short sold. Based on an average daily trading volume, of 7,828,347 shares, the days-to-cover ratio is presently 4.3 days. Based on an average daily trading volume, of 7,828,347 shares, the days-to-cover ratio is presently 4.3 days. Approximately 22.2% of the company’s stock are short sold.

Primo Brands Stock Performance

PRMB stock traded up $0.59 on Tuesday, reaching $20.74. The company’s stock had a trading volume of 4,602,945 shares, compared to its average volume of 6,208,477. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85. The firm has a fifty day moving average of $19.62 and a two-hundred day moving average of $19.55. The company has a market capitalization of $7.53 billion, a P/E ratio of 138.24, a price-to-earnings-growth ratio of 1.46 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 EPS. As a group, analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be given a $0.12 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, March 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Primo Brands’s payout ratio is currently 266.67%.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price objective on Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research report on Friday, January 23rd. TD Securities lifted their price objective on Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Finally, Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average price target of $27.25.

Hedge Funds Weigh In On Primo Brands

Large investors have recently made changes to their positions in the business. Xponance LLC increased its position in Primo Brands by 4.2% during the fourth quarter. Xponance LLC now owns 13,114 shares of the company’s stock worth $214,000 after buying an additional 528 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its position in shares of Primo Brands by 1.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after buying an additional 567 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after acquiring an additional 850 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Primo Brands during the 2nd quarter valued at about $26,000. Finally, Madison Asset Management LLC increased its holdings in shares of Primo Brands by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock valued at $2,362,000 after acquiring an additional 943 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.