Primo Brands Corporation $PRMB Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC lessened its stake in Primo Brands Corporation (NYSE:PRMB) by 75.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,251 shares of the company’s stock after selling 34,162 shares during the period. SG Americas Securities LLC’s holdings in Primo Brands were worth $249,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. WINTON GROUP Ltd acquired a new position in Primo Brands in the 2nd quarter valued at $3,255,000. KBC Group NV boosted its holdings in shares of Primo Brands by 0.7% in the second quarter. KBC Group NV now owns 2,066,527 shares of the company’s stock valued at $61,211,000 after acquiring an additional 15,299 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Primo Brands by 60.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,802,613 shares of the company’s stock valued at $112,405,000 after acquiring an additional 1,433,010 shares in the last quarter. Fortress Investment Group LLC acquired a new position in shares of Primo Brands during the second quarter worth about $1,823,000. Finally, Hsbc Holdings PLC raised its holdings in Primo Brands by 1,026.4% during the second quarter. Hsbc Holdings PLC now owns 260,326 shares of the company’s stock worth $7,685,000 after purchasing an additional 237,215 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Up 0.1%

NYSE:PRMB opened at $19.07 on Wednesday. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59. The stock has a fifty day simple moving average of $16.81 and a 200-day simple moving average of $21.12. The company has a market capitalization of $7.06 billion, a PE ratio of -61.50, a price-to-earnings-growth ratio of 0.64 and a beta of 0.63.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. Primo Brands’s revenue was up 35.3% on a year-over-year basis. On average, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were paid a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. Primo Brands’s dividend payout ratio is presently -129.03%.

Primo Brands announced that its Board of Directors has approved a share repurchase program on Monday, November 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRMB. Barclays lowered their price objective on Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday, November 26th. Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Royal Bank Of Canada lowered their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 price objective on shares of Primo Brands in a research note on Friday. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.83.

Insider Buying and Selling

In related news, CFO David W. Hass purchased 15,910 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the transaction, the chief financial officer owned 64,745 shares of the company’s stock, valued at approximately $1,017,143.95. This represents a 32.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was bought at an average cost of $15.73 per share, with a total value of $78,650.00. Following the completion of the acquisition, the director owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. The trade was a 39.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 203,469 shares of company stock worth $3,214,674 in the last 90 days. Corporate insiders own 58.40% of the company’s stock.

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.