StockNews.com Lowers Primo Water (NYSE:PRMW) to Hold

StockNews.com downgraded shares of Primo Water (NYSE:PRMW) from a buy rating to a hold rating in a research note published on Tuesday.

Other research analysts have also issued research reports about the stock. TD Securities raised their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a buy rating in a report on Tuesday, June 18th. CIBC lifted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an outperformer rating in a research note on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a research note on Tuesday, June 18th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $30.00 price objective on shares of Primo Water in a research note on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $25.83.

Primo Water Price Performance

Primo Water stock opened at $24.26 on Tuesday. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.60. The stock has a market capitalization of $3.89 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.87 and a beta of 1.10. The firm’s 50-day moving average is $22.59 and its two-hundred day moving average is $21.04. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to analyst estimates of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 EPS. Equities analysts predict that Primo Water will post 0.88 earnings per share for the current year.

Primo Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Thursday, August 22nd. Primo Water’s dividend payout ratio is presently 22.36%.

Hedge Funds Weigh In On Primo Water

Several hedge funds and other institutional investors have recently modified their holdings of PRMW. Norges Bank acquired a new position in shares of Primo Water during the fourth quarter valued at $18,559,000. Goldman Sachs Group Inc. raised its stake in shares of Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after purchasing an additional 937,235 shares in the last quarter. Triasima Portfolio Management inc. bought a new stake in shares of Primo Water during the second quarter valued at about $12,732,000. Acadian Asset Management LLC raised its stake in shares of Primo Water by 559.2% during the second quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock valued at $11,947,000 after purchasing an additional 464,232 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Primo Water by 170.4% during the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock valued at $11,287,000 after purchasing an additional 390,611 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Water Company Profile

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 essence water, filtration units, and coffee.