Neumeier Poma Investment Counsel LLC Makes New $32.96 Million Investment in Primo Brands Co. (NYSE:PRMB)

Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,071,161 shares of the company’s stock, valued at approximately $32,960,000. Primo Brands accounts for about 3.2% of Neumeier Poma Investment Counsel LLC’s portfolio, making the stock its 10th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRMB. Rise Advisors LLC bought a new stake in Primo Brands during the 4th quarter worth approximately $28,000. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at $30,000. Blue Trust Inc. bought a new stake in shares of Primo Brands during the 4th quarter valued at $33,000. Finally, R Squared Ltd purchased a new position in shares of Primo Brands during the 4th quarter valued at $42,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Trading Up 1.4 %

Shares of PRMB stock opened at $34.00 on Thursday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.92 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.25. The stock has a 50-day moving average price of $32.79.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, research analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.18%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Analyst Ratings Changes

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

Primo Brands 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.