Gamco Investors INC. ET AL Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Gamco Investors INC. ET AL bought a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 29,000 shares of the company’s stock, valued at approximately $892,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Primo Brands in the fourth quarter worth $28,000. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. bought a new stake in Primo Brands in the 4th quarter valued at about $33,000. Finally, R Squared Ltd acquired a new position in Primo Brands during the 4th quarter valued at about $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRMB has been the topic of several analyst reports. Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a “buy” rating and a $42.00 price target on the stock. BMO Capital Markets assumed coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. Royal Bank of Canada raised their price target on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $41.50.

Primo Brands Trading Up 1.3 %

Shares of Primo Brands stock opened at $33.52 on Friday. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.74 billion, a PE ratio of 39.87, a PEG ratio of 0.78 and a beta of 0.82. The business has a 50-day simple moving average of $33.20.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. On average, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%.

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.