Primo Brands Corporation $PRMB Stock Position Decreased by Magnetar Financial LLC

Magnetar Financial LLC decreased its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 16.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,417 shares of the company’s stock after selling 52,956 shares during the quarter. Magnetar Financial LLC’s holdings in Primo Brands were worth $5,777,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new position in Primo Brands in the first quarter valued at approximately $229,000. Caxton Associates LLP acquired a new stake in shares of Primo Brands during the 1st quarter worth approximately $266,000. Bank of New York Mellon Corp raised its position in shares of Primo Brands by 22.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,727,785 shares of the company’s stock worth $51,177,000 after purchasing an additional 313,169 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Primo Brands by 22.8% in the 1st quarter. Summit Investment Advisors Inc. now owns 20,287 shares of the company’s stock worth $720,000 after purchasing an additional 3,770 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Primo Brands in the 2nd quarter worth approximately $26,000. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PRMB. The Goldman Sachs Group lowered their price objective on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. JPMorgan Chase & Co. reduced their price target on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Finally, Royal Bank Of Canada lifted their price objective on shares of Primo Brands to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Primo Brands Stock Performance

Shares of PRMB stock opened at $21.00 on Thursday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 140.01, a price-to-earnings-growth ratio of 1.55 and a beta of 0.61. The business has a 50 day simple moving average of $19.28 and a 200 day simple moving average of $19.71.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the business earned $0.13 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be paid a dividend of $0.12 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

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.