Primo Brands Corporation (NYSE:PRMB) Short Interest Down 20.0% in February

Primo Brands Corporation (NYSE:PRMB) was the recipient of a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 33,527,836 shares, a drop of 20.0% from the February 12th total of 41,934,428 shares. Based on an average daily volume of 7,828,347 shares, the days-to-cover ratio is currently 4.3 days. Approximately 22.2% of the company’s stock are short sold. Approximately 22.2% of the company’s stock are short sold. Based on an average daily volume of 7,828,347 shares, the days-to-cover ratio is currently 4.3 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Mizuho increased their price objective on Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, March 5th. The Goldman Sachs Group cut their target price on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 25th. Barclays upped their price target on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. JPMorgan Chase & Co. decreased their price target on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 18th. Finally, Royal Bank Of Canada lifted their price objective on shares of Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.25.

Primo Brands Stock Down 0.5%

Shares of NYSE PRMB traded down $0.10 during trading hours on Friday, hitting $20.75. The company had a trading volume of 2,977,607 shares, compared to its average volume of 5,984,899. Primo Brands has a 1-year low of $14.36 and a 1-year high of $35.85. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The firm’s 50 day moving average is $19.46 and its 200-day moving average is $19.66. The stock has a market capitalization of $7.54 billion, a P/E 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 for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. On average, analysts expect that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

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

Hedge Funds Weigh In On Primo Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of PRMB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Primo Brands in the second quarter valued at approximately $26,000. Caption Management LLC bought a new position in shares of Primo Brands during the 3rd quarter worth approximately $27,000. LRI Investments LLC boosted its stake in shares of Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after acquiring an additional 1,306 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after acquiring an additional 1,058 shares during the last quarter. Finally, Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the 3rd quarter worth approximately $47,000. Institutional investors own 87.71% of the company’s stock.

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.