Ionic Capital Management LLC lifted its holdings in shares of Primo Brands Corporation (NYSE:PRMB – Free Report) by 43.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,438 shares of the company’s stock after acquiring an additional 45,000 shares during the quarter. Primo Brands accounts for about 0.3% of Ionic Capital Management LLC’s holdings, making the stock its 17th largest position. Ionic Capital Management LLC’s holdings in Primo Brands were worth $2,411,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Xponance LLC increased its position in shares of Primo Brands by 4.2% during the fourth quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after acquiring an additional 528 shares during the last quarter. Picton Mahoney Asset Management increased its position in Primo Brands by 65.2% in the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after buying an additional 850 shares during the last quarter. Madison Asset Management LLC increased its position in Primo Brands by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after buying an additional 943 shares during the last quarter. US Bancorp DE increased its position in Primo Brands by 47.2% in the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares during the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on PRMB shares. Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Royal Bank Of Canada set a $28.00 target price on Primo Brands in a research report on Thursday, April 9th. Barclays raised their target price on Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Friday, March 27th. Finally, Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.91.
Primo Brands Price Performance
Shares of NYSE PRMB opened at $23.66 on Thursday. The stock has a market cap of $8.59 billion, a PE ratio of 169.01, a price-to-earnings-growth ratio of 2.10 and a beta of 0.72. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $30.98. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98. The stock has a fifty day moving average of $22.13 and a 200-day moving average of $19.76.
Primo Brands (NYSE:PRMB – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. Primo Brands’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share. Equities research analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current year.
Primo Brands Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were given a $0.12 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. Primo Brands’s payout ratio is 342.86%.
Primo Brands Profile
Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spinâoff 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.
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