Tower Research Capital LLC TRC Invests $98,000 in Primo Brands Co. (NYSE:PRMB)

Tower Research Capital LLC TRC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,173 shares of the company’s stock, valued at approximately $98,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Green Alpha Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at $835,000. PNC Financial Services Group Inc. bought a new position in Primo Brands in the fourth quarter valued at about $252,000. Fulton Bank N.A. purchased a new position in Primo Brands in the fourth quarter worth about $669,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands during the 4th quarter valued at about $111,169,000. Finally, Sei Investments Co. purchased a new stake in shares of Primo Brands during the 4th quarter valued at about $10,548,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRMB shares. JPMorgan Chase & Co. boosted 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. TD Securities began coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their price objective 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, Truist Financial assumed coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $41.50.

Primo Brands Price Performance

Shares of PRMB stock opened at $31.95 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The company’s fifty day moving average price is $32.95. The company has a market cap of $12.15 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

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

Primo Brands Announces Dividend

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

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.