Ionic Capital Management LLC Purchases 74,438 Shares of Primo Brands Corporation $PRMB

Ionic Capital Management LLC raised its position in Primo Brands Corporation (NYSE:PRMB) by 265.9% in the 3rd quarter, Holdings Channel reports. The firm owned 102,438 shares of the company’s stock after buying an additional 74,438 shares during the quarter. Primo Brands accounts for 0.2% of Ionic Capital Management LLC’s holdings, making the stock its 12th largest position. Ionic Capital Management LLC’s holdings in Primo Brands were worth $2,264,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Primo Brands in the second quarter worth $26,000. Caption Management LLC bought a new position in Primo Brands in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC raised its holdings in shares of Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after acquiring an additional 1,058 shares in the last quarter. Byrne Asset Management LLC purchased a new stake in shares of Primo Brands in the 3rd quarter valued at about $47,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Primo Brands during the 3rd quarter valued at about $54,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. TD Securities raised their target price on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. The Goldman Sachs Group lowered their price objective on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 25th. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. lowered their price target on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Primo Brands Trading Down 0.5%

Shares of PRMB stock opened at $20.75 on Monday. The business has a 50-day moving average of $19.46 and a 200 day moving average of $19.62. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The stock has a market capitalization of $7.54 billion, a PE ratio of 138.35, a P/E/G ratio of 1.51 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business’s revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio is currently 266.67%.

Primo Brands Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.