Primo Water Corporation (PRMW) Lowered to “Sell” at ValuEngine

ValuEngine downgraded shares of Primo Water Corporation (NASDAQ:PRMW) from a hold rating to a sell rating in a research note issued to investors on Tuesday, August 1st.

Other equities analysts have also recently issued reports about the stock. B. Riley reaffirmed a buy rating and set a $17.50 price target on shares of Primo Water Corporation in a research note on Saturday, May 13th. BidaskClub raised shares of Primo Water Corporation from a sell rating to a hold rating in a research note on Sunday, July 16th. Zacks Investment Research raised shares of Primo Water Corporation from a strong sell rating to a hold rating in a research note on Tuesday, July 11th. BMO Capital Markets reaffirmed a market perform rating and set a $15.00 price target on shares of Primo Water Corporation in a research note on Monday, April 3rd. Finally, Barrington Research raised their price target on shares of Primo Water Corporation from $16.50 to $17.00 and gave the stock an outperform rating in a research note on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Primo Water Corporation presently has an average rating of Hold and an average target price of $17.10.

Primo Water Corporation (PRMW) traded up 4.28% during mid-day trading on Tuesday, reaching $12.66. 212,605 shares of the company’s stock were exchanged. Primo Water Corporation has a 52-week low of $10.74 and a 52-week high of $15.39. The company’s market cap is $377.83 million. The stock has a 50-day moving average price of $12.67 and a 200 day moving average price of $13.05.

Primo Water Corporation (NASDAQ:PRMW) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.09. The business had revenue of $74.80 million for the quarter, compared to the consensus estimate of $73.20 million. Primo Water Corporation had a negative return on equity of 42.49% and a negative net margin of 11.15%. Primo Water Corporation’s revenue was up 117.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. Equities analysts predict that Primo Water Corporation will post ($0.31) earnings per share for the current fiscal year.

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In other news, insider Camden Partners Strategic Fund sold 7,985 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $13.50, for a total value of $107,797.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders bought 2,750 shares of company stock valued at $30,050. 15.80% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in PRMW. Vanguard Group Inc. increased its stake in Primo Water Corporation by 4.5% in the second quarter. Vanguard Group Inc. now owns 1,045,252 shares of the company’s stock valued at $13,275,000 after buying an additional 44,864 shares during the last quarter. Renaissance Technologies LLC increased its stake in Primo Water Corporation by 10.5% in the first quarter. Renaissance Technologies LLC now owns 790,055 shares of the company’s stock valued at $10,729,000 after buying an additional 74,800 shares during the last quarter. Driehaus Capital Management LLC increased its stake in Primo Water Corporation by 10.8% in the first quarter. Driehaus Capital Management LLC now owns 683,194 shares of the company’s stock valued at $9,278,000 after buying an additional 66,653 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Primo Water Corporation by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 656,057 shares of the company’s stock valued at $8,908,000 after buying an additional 87,018 shares during the last quarter. Finally, Elk Creek Partners LLC increased its stake in Primo Water Corporation by 16.7% in the second quarter. Elk Creek Partners LLC now owns 619,999 shares of the company’s stock valued at $7,874,000 after buying an additional 88,633 shares during the last quarter. 58.01% of the stock is owned by institutional investors.

About Primo Water Corporation

Primo Water Corporation (Primo) provides multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. It operates through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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