Primo Brands (NYSE:PRMB) Sees Strong Trading Volume – Here’s What Happened

Primo Brands Co. (NYSE:PRMB) shares saw strong trading volume on Tuesday . 4,661,758 shares changed hands during mid-day trading, an increase of 92% from the previous session’s volume of 2,433,407 shares.The stock last traded at $30.55 and had previously closed at $29.89.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price objective for the company. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. TD Securities increased their price target on shares of Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Up 2.8 %

The business’s 50 day simple moving average is $32.56. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The firm has a market cap of $11.68 billion, a PE ratio of 39.01, a P/E/G ratio of 0.78 and a beta of 1.10.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, equities analysts predict that Primo Brands Co. 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 24th. Investors of record on Friday, March 7th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.30%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Institutional Investors Weigh In On Primo Brands

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth approximately $471,249,000. William Blair Investment Management LLC bought a new position in Primo Brands in the 4th quarter worth approximately $343,451,000. Eminence Capital LP acquired a new stake in Primo Brands in the 4th quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in Primo Brands during the 4th quarter worth $128,982,000. 87.71% of the stock is owned by institutional investors and hedge funds.

About Primo Brands

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.