Primo Water Corporation (PRMW) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Primo Water Corporation (NASDAQ:PRMW) from a buy rating to a hold rating in a report published on Saturday.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

Several other brokerages also recently weighed in on PRMW. ValuEngine raised Primo Water Corporation from a sell rating to a hold rating in a research report on Friday, September 1st. B. Riley reaffirmed a buy rating and issued a $17.50 target price on shares of Primo Water Corporation in a research report on Wednesday, November 8th. BidaskClub raised Primo Water Corporation from a sell rating to a hold rating in a research report on Sunday, July 16th. Finally, Barrington Research upped their target price on Primo Water Corporation from $17.00 to $19.00 and gave the stock an outperform rating in a research report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $17.10.

Shares of Primo Water Corporation (PRMW) opened at $12.67 on Friday. Primo Water Corporation has a 1 year low of $10.47 and a 1 year high of $15.39. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.99 and a quick ratio of 0.82.

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In other news, Director Malcolm Mcquilkin sold 11,082 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $11.86, for a total value of $131,432.52. Following the completion of the sale, the director now owns 126,042 shares of the company’s stock, valued at $1,494,858.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 40,858 shares of company stock valued at $479,169 in the last ninety days. Company insiders own 15.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Primo Water Corporation by 2.7% in the first quarter. Vanguard Group Inc. now owns 1,000,388 shares of the company’s stock valued at $13,585,000 after purchasing an additional 26,542 shares during the last quarter. Granite Point Capital Management L.P. boosted its holdings in Primo Water Corporation by 233.3% in the second quarter. Granite Point Capital Management L.P. now owns 50,000 shares of the company’s stock valued at $635,000 after purchasing an additional 35,000 shares during the last quarter. Royce & Associates LP boosted its holdings in Primo Water Corporation by 42.2% in the second quarter. Royce & Associates LP now owns 226,900 shares of the company’s stock valued at $2,882,000 after purchasing an additional 67,300 shares during the last quarter. Eagle Asset Management Inc. boosted its holdings in Primo Water Corporation by 13.0% in the second quarter. Eagle Asset Management Inc. now owns 447,192 shares of the company’s stock valued at $5,679,000 after purchasing an additional 51,504 shares during the last quarter. Finally, B. Riley Financial Inc. raised its stake in Primo Water Corporation by 137.9% during the second quarter. B. Riley Financial Inc. now owns 84,375 shares of the company’s stock valued at $1,072,000 after buying an additional 48,907 shares in the last quarter. 63.13% of the stock is owned by hedge funds and other institutional investors.

Primo Water Corporation Company Profile

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).

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