Squarepoint Ops LLC Buys 291,412 Shares of Primo Brands Corporation $PRMB

Squarepoint Ops LLC boosted its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 62.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 761,563 shares of the company’s stock after buying an additional 291,412 shares during the quarter. Squarepoint Ops LLC’s holdings in Primo Brands were worth $18,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Heartland Advisors Inc. lifted its holdings in shares of Primo Brands by 96.1% during the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock worth $7,801,000 after acquiring an additional 233,803 shares during the period. One Rock Capital Partners LLC acquired a new position in Primo Brands in the fourth quarter worth about $1,900,047,000. Royal Bank of Canada boosted its holdings in Primo Brands by 127.1% during the first quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock valued at $2,464,000 after purchasing an additional 73,253 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Primo Brands by 350.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 65,544 shares of the company’s stock valued at $1,602,000 after purchasing an additional 50,989 shares during the period. Finally, Clearline Capital LP raised its holdings in shares of Primo Brands by 2,871.7% in the 4th quarter. Clearline Capital LP now owns 2,494,348 shares of the company’s stock worth $40,783,000 after buying an additional 2,410,410 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Insider Transactions at Primo Brands

In other news, CEO Eric Foss bought 84,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer owned 573,806 shares in the company, valued at $13,656,582.80. This represents a 17.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 32.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRMB shares. TD boosted their target price on shares of Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $25.00 price objective on shares of Primo Brands in a report on Thursday, August 6th. Royal Bank Of Canada increased their price target on Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Finally, Barclays lifted their price objective on Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Primo Brands Price Performance

Shares of PRMB stock opened at $20.90 on Thursday. The firm’s 50 day moving average price is $23.49 and its two-hundred day moving average price is $22.31. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21. The stock has a market cap of $7.57 billion, a PE ratio of 80.40, a PEG ratio of 1.51 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last posted its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company earned $0.36 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts forecast that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. Primo Brands’s dividend payout ratio is presently 184.62%.

Primo Brands Company 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.