Easterly Investment Partners LLC Sells 6,119 Shares of Primo Brands Corporation $PRMB

Easterly Investment Partners LLC lowered its holdings in Primo Brands Corporation (NYSE:PRMB) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,336 shares of the company’s stock after selling 6,119 shares during the period. Easterly Investment Partners LLC’s holdings in Primo Brands were worth $1,106,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock valued at $69,000 after acquiring an additional 498 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Primo Brands by 14.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company’s stock valued at $478,000 after acquiring an additional 1,656 shares during the last quarter. Suncoast Equity Management acquired a new stake in Primo Brands in the first quarter valued at $715,000. Intact Investment Management Inc. lifted its stake in Primo Brands by 164.4% in the first quarter. Intact Investment Management Inc. now owns 375,510 shares of the company’s stock valued at $13,327,000 after acquiring an additional 233,510 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Primo Brands by 12.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 82,557 shares of the company’s stock valued at $2,930,000 after acquiring an additional 9,235 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Insiders Place Their Bets

In other Primo Brands news, Director Michael John Cramer acquired 4,000 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was acquired 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 $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robbert Rietbroek acquired 8,285 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 24,685 shares of company stock worth $595,770 in the last quarter. 58.40% of the stock is currently owned by corporate insiders.

Primo Brands Stock Performance

NYSE PRMB opened at $22.10 on Friday. The firm has a 50-day moving average of $23.46 and a 200-day moving average of $28.32. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a market cap of $8.25 billion, a PE ratio of -200.91, a P/E/G ratio of 0.59 and a beta of 0.76. Primo Brands Corporation has a 52-week low of $21.37 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business’s revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.8%. Primo Brands’s payout ratio is -363.64%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRMB. The Goldman Sachs Group began coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 price target for the company. Jefferies Financial Group began coverage on shares of Primo Brands in a research note on Friday. They issued a “hold” rating and a $23.00 price target for the company. Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Bank of America cut their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Finally, TD Securities cut their price target on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and an average target price of $34.00.

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.