Caitong International Asset Management Co. Ltd Takes Position in Primo Brands Corporation $PRMB

Caitong International Asset Management Co. Ltd acquired a new stake in Primo Brands Corporation (NYSE:PRMB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,075 shares of the company’s stock, valued at approximately $121,000.

Several other hedge funds also recently modified their holdings of the stock. IFP Advisors Inc acquired a new stake in Primo Brands in the 1st quarter valued at about $40,000. New Age Alpha Advisors LLC acquired a new stake in Primo Brands in the 1st quarter valued at about $43,000. Millstone Evans Group LLC acquired a new stake in Primo Brands in the 1st quarter valued at about $54,000. GAMMA Investing LLC lifted its stake in Primo Brands by 34.5% in the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock valued at $69,000 after purchasing an additional 498 shares during the last quarter. Finally, TD Private Client Wealth LLC acquired a new stake in Primo Brands in the 2nd quarter valued at about $71,000. Institutional investors own 87.71% of the company’s stock.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Michael John Cramer bought 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares of the company’s stock, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook bought 12,400 shares of the stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the acquisition, the director directly owned 125,025 shares of the company’s stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on PRMB. Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. TD Securities cut their target price on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Bank of America cut their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Morgan Stanley cut their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Finally, Jefferies Financial Group initiated coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.00.

Primo Brands Trading Up 0.3%

Shares of PRMB stock opened at $22.34 on Friday. The firm has a 50 day moving average price of $23.25 and a two-hundred day moving average price of $27.92. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $8.35 billion, a PE ratio of -203.11, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. Primo Brands Corporation has a 12-month low of $21.37 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business’s revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

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.