Primo Brands (NYSE:PRMB) Reaches New 12-Month Low – Here’s What Happened

Primo Brands Corporation (NYSE:PRMB) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $19.00 and last traded at $17.9730, with a volume of 154466 shares trading hands. The stock had previously closed at $22.66.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PRMB shares. Morgan Stanley decreased their price objective on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Monday, August 11th. TD Securities decreased their price target on Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Jefferies Financial Group began coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 target price for the company. Finally, Mizuho decreased their price objective on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 28th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primo Brands presently has an average rating of “Moderate Buy” and a consensus price target of $33.08.

Primo Brands Trading Down 18.5%

The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company has a market cap of $6.90 billion, a price-to-earnings ratio of -166.61, a P/E/G ratio of 0.61 and a beta of 0.76. The firm’s 50-day moving average price is $22.80 and its 200 day moving average price is $27.19.

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

Insiders Place Their Bets

In other Primo Brands news, Director Michael John Cramer bought 4,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the purchase, the director directly owned 12,762 shares of the company’s stock, valued at approximately $312,158.52. This represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 24,685 shares of company stock valued at $595,770 in the last three months. 58.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primo Brands

Institutional investors have recently bought and sold shares of the company. Viking Global Investors LP lifted its position in shares of Primo Brands by 290.2% during the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares during the last quarter. Boston Partners lifted its stake in Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after purchasing an additional 7,044,263 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Primo Brands in the first quarter valued at approximately $184,225,000. Finally, Vanguard Group Inc. raised its position in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after buying an additional 4,389,327 shares in the last quarter. Hedge funds and other 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.