Primo Brands (NYSE:PRMB) Sees Large Volume Increase – Here’s Why

Primo Brands Co. (NYSE:PRMB) shares saw an uptick in trading volume on Tuesday . 4,661,758 shares traded hands during mid-day trading, an increase of 92% from the previous session’s volume of 2,433,407 shares.The stock last traded at $30.55 and had previously closed at $29.89.

Analyst Upgrades and Downgrades

PRMB has been the subject of several analyst reports. TD Securities boosted their target price on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Primo Brands in a research report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price objective on the stock. Royal Bank of Canada boosted their target price on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands currently has a consensus rating of “Buy” and an average target price of $41.40.

Primo Brands Price Performance

The firm has a 50-day moving average of $32.56. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 0.78 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.28%. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Institutional Investors Weigh In On Primo Brands

Large investors have recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in Primo Brands during the 4th quarter worth $28,000. SRS Capital Advisors Inc. purchased a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the 4th quarter worth approximately $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $33,000. Finally, R Squared Ltd purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.