Zacks Investment Research Upgrades Primo Water (NASDAQ:PRMW) to “Hold”

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Primo Water (NASDAQ:PRMW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

Other equities research analysts have also issued reports about the company. Northland Securities reaffirmed a “buy” rating and set a $19.00 target price on shares of Primo Water in a research report on Tuesday, June 25th. BMO Capital Markets set a $19.00 target price on Primo Water and gave the company a “buy” rating in a research report on Wednesday, July 31st. BidaskClub lowered Primo Water from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Imperial Capital decreased their target price on Primo Water from $18.00 to $15.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Barrington Research set a $18.00 target price on Primo Water and gave the company a “buy” rating in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $19.00.

Shares of PRMW stock opened at $11.92 on Thursday. Primo Water has a 52-week low of $10.70 and a 52-week high of $20.60. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.71 and a current ratio of 0.99. The firm has a market capitalization of $467.48 million, a P/E ratio of 35.06, a P/E/G ratio of 3.96 and a beta of 0.71. The stock has a 50 day moving average price of $13.21 and a 200 day moving average price of $13.68.

Primo Water (NASDAQ:PRMW) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The business had revenue of $79.30 million for the quarter, compared to the consensus estimate of $78.01 million. Primo Water had a positive return on equity of 11.75% and a negative net margin of 18.85%. Primo Water’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, sell-side analysts forecast that Primo Water will post 0.26 EPS for the current year.

In other news, Director Susan E. Cates bought 5,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $12.23 per share, with a total value of $61,150.00. Following the transaction, the director now directly owns 28,968 shares in the company, valued at approximately $354,278.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have acquired 6,459 shares of company stock valued at $77,820. 10.80% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Aperio Group LLC purchased a new position in shares of Primo Water in the 2nd quarter valued at $35,000. Bank of Montreal Can grew its stake in Primo Water by 26,645.5% during the 2nd quarter. Bank of Montreal Can now owns 2,942 shares of the company’s stock worth $36,000 after buying an additional 2,931 shares during the last quarter. Legal & General Group Plc grew its stake in Primo Water by 19.0% during the 4th quarter. Legal & General Group Plc now owns 5,849 shares of the company’s stock worth $82,000 after buying an additional 932 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Primo Water by 77,911.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,021 shares of the company’s stock worth $109,000 after buying an additional 7,012 shares during the last quarter. Finally, US Bancorp DE grew its stake in Primo Water by 8.0% during the 2nd quarter. US Bancorp DE now owns 16,751 shares of the company’s stock worth $206,000 after buying an additional 1,237 shares during the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.

About Primo Water

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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