Primo Brands Corporation $PRMB is Clearline Capital LP’s 6th Largest Position

Clearline Capital LP increased its stake in Primo Brands Corporation (NYSE:PRMB) by 2,871.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,494,348 shares of the company’s stock after purchasing an additional 2,410,410 shares during the quarter. Primo Brands accounts for 2.0% of Clearline Capital LP’s investment portfolio, making the stock its 6th largest position. Clearline Capital LP’s holdings in Primo Brands were worth $40,783,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Caption Management LLC purchased a new position in Primo Brands during the 3rd quarter valued at about $27,000. LRI Investments LLC increased its holdings in Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after acquiring an additional 1,306 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after acquiring an additional 850 shares in the last quarter. Quarry LP increased its holdings in Primo Brands by 516.6% during the 4th quarter. Quarry LP now owns 2,380 shares of the company’s stock valued at $39,000 after acquiring an additional 1,994 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Primo Brands by 21,481.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company’s stock valued at $39,000 after acquiring an additional 2,363 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Primo Brands stock opened at $23.66 on Thursday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $30.98. The stock has a market capitalization of $8.59 billion, a P/E ratio of 169.01, a P/E/G ratio of 2.10 and a beta of 0.72. The firm’s 50-day moving average is $22.13 and its two-hundred day moving average is $19.76. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the business posted $0.29 earnings per share. Primo Brands’s revenue was up .8% on a year-over-year basis. Equities analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. Primo Brands’s dividend payout ratio (DPR) is currently 342.86%.

Analysts Set New Price Targets

PRMB has been the subject of several recent research reports. Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday, March 30th. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Friday, March 27th. Barclays raised their target price on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.91.

About Primo Brands

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.