Insider Buying: Primo Brands (NYSE:PRMB) Director Buys 54,540 Shares of Stock

Primo Brands Corporation (NYSE:PRMB) Director Steven Stanbrook acquired 54,540 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the acquisition, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. This trade represents a 42.92% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Primo Brands Stock Up 0.0%

Shares of Primo Brands stock traded up $0.01 on Friday, reaching $16.32. 646,702 shares of the company were exchanged, compared to its average volume of 5,509,431. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The company has a market cap of $6.04 billion, a P/E ratio of -148.11, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The stock’s 50 day moving average price is $21.72 and its 200-day moving average price is $26.54.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results 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 firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The firm’s revenue for the quarter was up 35.3% on a year-over-year basis. As a group, equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders 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 yield of 2.5%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands declared that its board has authorized a stock repurchase program on Monday, November 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Mizuho cut their target price on Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 28th. The Goldman Sachs Group started coverage on Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Barclays decreased their price target on shares of Primo Brands from $29.00 to $25.00 and set an “overweight” rating for the company in a report on Monday. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC increased its stake in Primo Brands by 30.5% during the 3rd quarter. Squarepoint Ops LLC now owns 3,611,803 shares of the company’s stock worth $79,821,000 after purchasing an additional 843,622 shares in the last quarter. South Street Advisors LLC grew its position in shares of Primo Brands by 4.6% in the third quarter. South Street Advisors LLC now owns 398,391 shares of the company’s stock valued at $8,804,000 after purchasing an additional 17,409 shares during the last quarter. Prudential PLC bought a new stake in shares of Primo Brands in the third quarter valued at about $1,061,000. Simcoe Capital Management LLC bought a new stake in shares of Primo Brands in the third quarter valued at approximately $31,532,000. Finally, Onex Canada Asset Management Inc. lifted its position in Primo Brands by 15.5% during the third quarter. Onex Canada Asset Management Inc. now owns 50,790 shares of the company’s stock worth $1,122,000 after purchasing an additional 6,827 shares during the period. Institutional investors own 87.71% 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.