NewGen Asset Management Ltd Has $6.97 Million Stock Position in Primo Brands Corporation $PRMB

NewGen Asset Management Ltd grew its holdings in Primo Brands Corporation (NYSE:PRMB) by 16.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,200 shares of the company’s stock after purchasing an additional 32,500 shares during the period. Primo Brands makes up about 3.9% of NewGen Asset Management Ltd’s holdings, making the stock its 9th biggest position. NewGen Asset Management Ltd owned about 0.06% of Primo Brands worth $6,967,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Primo Brands during the 2nd quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its position in Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after acquiring an additional 1,058 shares in the last quarter. TD Private Client Wealth LLC bought a new position in Primo Brands in the second quarter valued at $71,000. Parallel Advisors LLC lifted its stake in Primo Brands by 98.6% during the second quarter. Parallel Advisors LLC now owns 2,586 shares of the company’s stock worth $77,000 after purchasing an additional 1,284 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Primo Brands in the 2nd quarter worth about $121,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Barclays decreased their price target on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 26th. Mizuho lowered their price objective on shares of Primo Brands from $35.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday, November 26th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 8th. Finally, The Goldman Sachs Group decreased their target price on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.50.

Insiders Place Their Bets

In other Primo Brands news, Director Steven P. Stanbrook acquired 54,540 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average cost of $16.43 per share, for a total transaction of $896,092.20. Following the transaction, the director owned 181,601 shares in the company, valued at $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric J. Foss bought 4,970 shares of Primo Brands stock in a transaction dated Wednesday, November 12th. The shares were acquired at an average cost of $16.15 per share, for a total transaction of $80,265.50. Following the completion of the purchase, the chief executive officer directly owned 360,036 shares of the company’s stock, valued at approximately $5,814,581.40. This trade represents a 1.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 203,469 shares of company stock valued at $3,214,674 over the last three months. Company insiders own 58.40% of the company’s stock.

Primo Brands Stock Performance

NYSE:PRMB opened at $16.39 on Friday. 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 Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The firm has a market cap of $6.07 billion, a PE ratio of -52.85, a price-to-earnings-growth ratio of 0.54 and a beta of 0.64. The business has a 50 day moving average price of $18.71 and a 200-day moving average price of $24.07.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. The company 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%. Primo Brands’s quarterly revenue was up 35.3% compared to the same quarter last year. Equities research 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 Friday, December 5th. Investors of record on Tuesday, November 25th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 25th. This represents a $0.40 annualized dividend and a dividend yield of 2.4%. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

Primo Brands announced that its Board of Directors has approved a share repurchase program on Monday, November 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually 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.