Primo Brands Corporation $PRMB Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its holdings in Primo Brands Corporation (NYSE:PRMB) by 75.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 11,251 shares of the company’s stock after selling 34,162 shares during the period. SG Americas Securities LLC’s holdings in Primo Brands were worth $249,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Primo Brands in the second quarter valued at $26,000. EverSource Wealth Advisors LLC grew its holdings in Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after buying an additional 1,058 shares during the period. Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the 3rd quarter valued at about $47,000. TD Private Client Wealth LLC purchased a new position in shares of Primo Brands during the 2nd quarter worth about $71,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Primo Brands in the third quarter worth approximately $54,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Activity

In other news, Director Steven P. Stanbrook bought 54,540 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the purchase, the director owned 181,601 shares of the company’s stock, valued at $2,983,704.43. This trade 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 can be accessed through this hyperlink. Also, CEO Eric J. Foss purchased 4,970 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were purchased at an average cost of $16.15 per share, for a total transaction of $80,265.50. Following the purchase, the chief executive officer directly owned 360,036 shares in the company, valued at $5,814,581.40. This trade represents a 1.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 203,469 shares of company stock worth $3,214,674 over the last three months. Insiders own 58.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Mizuho dropped their price objective on Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, January 8th. TD Securities reduced their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Jefferies Financial Group began coverage on Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.83.

Primo Brands Stock Up 0.1%

Shares of Primo Brands stock opened at $19.07 on Wednesday. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $35.85. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of -61.50, a price-to-earnings-growth ratio of 0.64 and a beta of 0.63. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59. The company has a fifty day moving average price of $16.81 and a 200 day moving average price of $21.12.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. The company’s quarterly revenue was up 35.3% on a year-over-year basis. Equities research analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands announced that its Board of Directors has authorized a stock repurchase plan on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, November 25th. Primo Brands’s dividend payout ratio is currently -129.03%.

Primo Brands Company Profile

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.