Clearline Capital LP Purchases Shares of 83,938 Primo Brands Corporation $PRMB

Clearline Capital LP purchased a new stake in Primo Brands Corporation (NYSE:PRMB) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 83,938 shares of the company’s stock, valued at approximately $1,855,000.

Several other large investors have also recently modified their holdings of the company. Viking Global Investors LP boosted its stake in Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after acquiring an additional 3,431,854 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Primo Brands by 11.6% during the third quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after purchasing an additional 1,231,701 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares in the last quarter. Third Point LLC lifted its holdings in shares of Primo Brands by 108.1% during the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after purchasing an additional 3,000,000 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Primo Brands by 3.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock valued at $112,503,000 after purchasing an additional 177,929 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRMB. Mizuho raised their price objective on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, March 5th. JPMorgan Chase & Co. decreased their price target on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 18th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Royal Bank Of Canada boosted their price target on Primo Brands to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Nine investment 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 company has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Primo Brands Price Performance

Shares of PRMB opened at $20.75 on Friday. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The company’s fifty day moving average price is $19.46 and its 200-day moving average price is $19.66. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The firm has a market capitalization of $7.54 billion, a PE ratio of 138.35, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the business posted $0.13 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be paid a $0.12 dividend. The ex-dividend date is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Primo Brands’s dividend payout ratio (DPR) is 266.67%.

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.