Primo Brands Sees Unusually Large Options Volume (NYSE:PRMB)
by Tristan Rich · The Markets DailyPrimo Brands Corporation (NYSE:PRMB – Get Free Report) saw unusually large options trading activity on Monday. Traders acquired 4,057 call options on the company. This represents an increase of 93% compared to the average daily volume of 2,098 call options.
Analyst Upgrades and Downgrades
PRMB has been the topic of several research analyst reports. Barclays reduced their price target on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 26th. Royal Bank Of Canada decreased their target price on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Jefferies Financial Group assumed coverage on Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price target on the stock. Mizuho decreased their price objective on Primo Brands from $35.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday, November 26th. Finally, Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Primo Brands presently has an average rating of “Moderate Buy” and an average target price of $27.58.
Check Out Our Latest Report on PRMB
Insider Activity
In other Primo Brands news, CFO David W. Hass acquired 15,910 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average cost of $15.71 per share, for a total transaction of $249,946.10. Following the transaction, the chief financial officer owned 64,745 shares in the company, valued at $1,017,143.95. This represents a 32.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric J. Foss bought 4,970 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired at an average price of $16.15 per share, with a total value of $80,265.50. Following the acquisition, the chief executive officer owned 360,036 shares of the company’s stock, valued at $5,814,581.40. This represents a 1.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 203,469 shares of company stock valued at $3,214,674. Company insiders own 58.40% of the company’s stock.
Institutional Trading of Primo Brands
Large investors have recently made changes to their positions in the stock. Viking Global Investors LP grew its holdings in Primo Brands by 17.5% during the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares during the period. William Blair Investment Management LLC lifted its position in shares of Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after buying an additional 1,231,701 shares in the last quarter. Boston Partners lifted its position in shares of Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after buying an additional 971,939 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares during the period. Finally, Third Point LLC increased its holdings in Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after acquiring an additional 3,000,000 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.
Primo Brands Stock Up 0.0%
Shares of NYSE:PRMB traded up $0.01 on Monday, hitting $16.20. 1,234,244 shares of the company traded hands, compared to its average volume of 2,384,261. The stock has a 50 day simple moving average of $16.99 and a 200-day simple moving average of $22.50. 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 company has a market cap of $6.00 billion, a PE ratio of -52.24, a PEG ratio of 0.53 and a beta of 0.63. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85.
Primo Brands (NYSE:PRMB – Get Free Report) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting the consensus estimate of $0.41. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. As a group, research analysts expect that Primo Brands will post 1.13 earnings per share for the current year.
Primo Brands declared that its Board of Directors has initiated a share repurchase plan on Monday, November 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Primo Brands Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.5%. Primo Brands’s dividend payout ratio is -129.03%.
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.