Tower Research Capital LLC TRC Acquires Shares of 3,173 Primo Brands Co. (NYSE:PRMB)

Tower Research Capital LLC TRC bought a new position in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,173 shares of the company’s stock, valued at approximately $98,000.

A number of other hedge funds also recently made changes to their positions in PRMB. SRS Capital Advisors Inc. bought a new stake in Primo Brands in the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new stake in Primo Brands in the fourth quarter worth $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the fourth quarter valued at $33,000. R Squared Ltd bought a new position in Primo Brands during the fourth quarter valued at $42,000. Finally, Federated Hermes Inc. purchased a new position in shares of Primo Brands in the 4th quarter worth $55,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PRMB shares. JPMorgan Chase & Co. upped their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, TD Securities began coverage on Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $41.50.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $31.95 on Friday. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The stock has a 50-day moving average price of $32.95. The company has a market capitalization of $12.15 billion, a P/E ratio of 39.82, a P/E/G ratio of 0.78 and a beta of 0.83. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Primo Brands’s quarterly revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts expect that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Friday, June 6th.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.