Raymond James & Associates Cuts Position in Primo Water Co. (NYSE:PRMW)

Raymond James & Associates lessened its position in shares of Primo Water Co. (NYSE:PRMW – Get Rating) by 11.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 228,667 shares of the company’s stock after selling 30,336 shares during the quarter. Raymond James & Associates’ holdings in Primo Water were worth $2,870,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PRMW. Goldman Sachs Group Inc. lifted its stake in shares of Primo Water by 9.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,581,085 shares of the company’s stock valued at $165,030,000 after purchasing an additional 1,031,066 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Primo Water by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 10,471,388 shares of the company’s stock valued at $149,217,000 after purchasing an additional 280,207 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Primo Water by 0.6% in the 1st quarter. BlackRock Inc. now owns 7,991,282 shares of the company’s stock valued at $113,877,000 after purchasing an additional 48,820 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Primo Water by 14.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 3,539,356 shares of the company’s stock valued at $47,356,000 after purchasing an additional 455,347 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its stake in shares of Primo Water by 3.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,911,991 shares of the company’s stock valued at $38,962,000 after purchasing an additional 97,422 shares during the last quarter. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Insider Buying and Selling at Primo Water

In other Primo Water news, Director Jeremy S. G. Fowden sold 90,463 shares of Primo Water stock in a transaction on Monday, January 9th. The stock was sold at an average price of $16.12, for a total transaction of $1,458,263.56. Following the completion of the sale, the director now directly owns 1,268,770 shares of the company’s stock, valued at approximately $20,452,572.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jeremy S. G. Fowden sold 3,760 shares of Primo Water stock in a transaction on Friday, January 6th. The stock was sold at an average price of $16.00, for a total value of $60,160.00. Following the transaction, the director now directly owns 1,268,770 shares in the company, valued at approximately $20,300,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeremy S. G. Fowden sold 90,463 shares of Primo Water stock in a transaction on Monday, January 9th. The shares were sold at an average price of $16.12, for a total value of $1,458,263.56. Following the completion of the transaction, the director now owns 1,268,770 shares in the company, valued at $20,452,572.40. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. TD Securities raised their price objective on Primo Water from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, November 11th. JPMorgan Chase & Co. decreased their price target on Primo Water from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, November 8th. Finally, StockNews.com initiated coverage on Primo Water in a research note on Wednesday, October 12th. They set a “buy” rating for the company.

Primo Water Price Performance

Shares of PRMW stock opened at $14.75 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.60 and a current ratio of 0.76. The stock has a 50 day moving average price of $15.34 and a 200 day moving average price of $14.17. The firm has a market capitalization of $2.36 billion, a P/E ratio of -77.63 and a beta of 1.08. Primo Water Co. has a 52-week low of $12.15 and a 52-week high of $17.54.

Primo Water (NYSE:PRMW – Get Rating) last issued its earnings results on Thursday, November 10th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). The firm had revenue of $584.60 million for the quarter, compared to the consensus estimate of $582.38 million. Primo Water had a negative net margin of 1.40% and a positive return on equity of 6.15%. As a group, sell-side analysts predict that Primo Water Co. will post 0.63 earnings per share for the current year.

Primo Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Tuesday, November 29th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Monday, November 28th. Primo Water’s dividend payout ratio (DPR) is presently -147.37%.

About Primo Water

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Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored water, filtration equipment, and coffee. The company offers its products under the Primo, Alhambra, Crystal Rock, Mountain Valley, Deep Rock, Hinckley Springs, Crystal Springs, Kentwood Springs, Mount Olympus, Pureflo, Nursery, Sierra Springs, Sparkletts, Clear Mountain Natural Spring Water, Earth2O, Renü, and Water Event Pure Water Solutions brands in the United States; Canadian Springs and Labrador Source brands in Canada; and Decantae, Eden, Eden Springs, Chateaud'eau, and Mey Eden brands in Europe and Israel.