StockNews.com Initiates Coverage on Primo Water (NYSE:PRMW)

Stock analysts at StockNews.com assumed coverage on shares of Primo Water (NYSE:PRMW) in a research note issued to investors on Wednesday. The firm set a “buy” rating on the stock.

A number of other equities research analysts also recently commented on PRMW. Royal Bank of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research report on Tuesday, October 1st. Raymond James lowered Primo Water from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Finally, William Blair started coverage on Primo Water in a report on Thursday, October 24th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Primo Water currently has a consensus rating of “Moderate Buy” and an average target price of $25.83.

Primo Water Stock Performance

Shares of PRMW opened at $24.21 on Wednesday. The stock has a 50-day simple moving average of $25.54 and a 200-day simple moving average of $23.13. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Water has a 1 year low of $14.06 and a 1 year high of $28.06. The stock has a market capitalization of $3.88 billion, a PE ratio of 15.04, a PEG ratio of 1.78 and a beta of 1.10.

Institutional Trading of Primo Water

A number of large investors have recently made changes to their positions in the company. FMR LLC increased its position in Primo Water by 18.9% during the third quarter. FMR LLC now owns 17,432,920 shares of the company’s stock worth $440,181,000 after buying an additional 2,765,388 shares during the period. Triasima Portfolio Management inc. purchased a new position in shares of Primo Water during the second quarter worth approximately $12,732,000. Cinctive Capital Management LP grew its position in shares of Primo Water by 219.1% during the third quarter. Cinctive Capital Management LP now owns 714,389 shares of the company’s stock worth $18,038,000 after acquiring an additional 490,486 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Primo Water by 559.2% in the 2nd quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock valued at $11,947,000 after acquiring an additional 464,232 shares during the period. Finally, Intact Investment Management Inc. raised its position in Primo Water by 43.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock valued at $34,849,000 after purchasing an additional 419,370 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.