Primo Brands Corporation $PRMB Shares Bought by Park Avenue Securities LLC

Park Avenue Securities LLC raised its stake in Primo Brands Corporation (NYSE:PRMB) by 292.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,365 shares of the company’s stock after buying an additional 27,094 shares during the quarter. Park Avenue Securities LLC’s holdings in Primo Brands were worth $693,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PRMB. Allspring Global Investments Holdings LLC increased its stake in shares of Primo Brands by 57.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company’s stock worth $133,050,000 after acquiring an additional 2,585,164 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Primo Brands by 41.7% during the 1st quarter. Bank of America Corp DE now owns 6,067,351 shares of the company’s stock valued at $114,248,000 after acquiring an additional 1,785,259 shares during the last quarter. KBC Group NV boosted its position in shares of Primo Brands by 49.2% during the 1st quarter. KBC Group NV now owns 5,041,625 shares of the company’s stock valued at $94,934,000 after acquiring an additional 1,661,569 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Primo Brands by 2,881.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,954,180 shares of the company’s stock valued at $37,227,000 after purchasing an additional 1,888,636 shares during the period. Finally, Tidal Investments LLC grew its holdings in shares of Primo Brands by 226.7% in the second quarter. Tidal Investments LLC now owns 1,150,675 shares of the company’s stock valued at $28,122,000 after purchasing an additional 798,488 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. Morgan Stanley reiterated an “overweight” rating and issued a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. JPMorgan Chase & Co. dropped their price target on shares of Primo Brands from $30.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, October 30th. TD Cowen restated a “buy” rating on shares of Primo Brands in a report on Thursday, August 6th. Finally, Zacks Research lowered shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Friday, October 30th. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.55.

Insiders Place Their Bets

In related news, CEO Eric Foss bought 84,000 shares of the stock in a transaction on Monday, August 10th. The stock was bought at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,806 shares in the company, valued at $13,656,582.80. This represents a 17.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 32.90% of the stock is currently owned by company insiders.

Primo Brands Stock Performance

NYSE PRMB opened at $21.00 on Thursday. The stock has a fifty day simple moving average of $20.33 and a 200-day simple moving average of $21.42. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71. The stock has a market cap of $7.61 billion, a PE ratio of 17.75, a P/E/G ratio of 2.08 and a beta of 0.73. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $26.21.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the firm earned $0.36 EPS. Primo Brands’s revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.