Great Lakes Advisors LLC Sells 73,302 Shares of Primo Brands Corporation $PRMB

Great Lakes Advisors LLC lessened its stake in Primo Brands Corporation (NYSE:PRMB) by 46.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,984 shares of the company’s stock after selling 73,302 shares during the quarter. Great Lakes Advisors LLC’s holdings in Primo Brands were worth $1,878,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Primo Brands in the 2nd quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after purchasing an additional 1,058 shares in the last quarter. Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the third quarter worth about $47,000. 1620 Investment Advisors Inc. bought a new position in shares of Primo Brands during the third quarter worth about $54,000. Finally, Blue Trust Inc. acquired a new stake in Primo Brands in the 3rd quarter valued at approximately $57,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of PRMB stock opened at $18.93 on Friday. The company has a fifty day moving average price of $17.04 and a two-hundred day moving average price of $20.97. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The stock has a market cap of $7.01 billion, a P/E ratio of -61.06, a P/E/G ratio of 0.64 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. The firm’s revenue was up 35.3% on a year-over-year basis. As a group, equities analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, November 25th. Primo Brands’s payout ratio is currently -129.03%.

Primo Brands announced that its Board of Directors has initiated a stock buyback program on Monday, November 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. TD Securities reduced their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. BMO Capital Markets reissued an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a research report on Friday, January 23rd. Finally, Barclays reduced their price objective on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.83.

Insiders Place Their Bets

In other Primo Brands news, Director Michael John Cramer purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the purchase, the director owned 17,762 shares in the company, valued at approximately $279,396.26. The trade was a 39.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook purchased 54,540 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $16.43 per share, with a total value of $896,092.20. Following the acquisition, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. The trade was a 42.92% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 203,469 shares of company stock valued at $3,214,674 over the last 90 days. 58.40% of the stock is owned by insiders.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin?off 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.