CastleKnight Management LP Boosts Stake in Primo Brands Corporation $PRMB

CastleKnight Management LP lifted its holdings in Primo Brands Corporation (NYSE:PRMB) by 425.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 625,600 shares of the company’s stock after buying an additional 506,600 shares during the quarter. CastleKnight Management LP owned 0.17% of Primo Brands worth $10,229,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PRMB. One Rock Capital Partners LLC acquired a new position in Primo Brands during the fourth quarter worth $1,900,047,000. Viking Global Investors LP raised 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 worth $509,051,000 after purchasing an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. raised its holdings in Primo Brands by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after purchasing an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Primo Brands by 189.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after purchasing an additional 9,461,990 shares during the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after purchasing an additional 793,036 shares during the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Shares of NYSE:PRMB opened at $23.66 on Thursday. The company has a market cap of $8.59 billion, a P/E ratio of 169.01, a P/E/G ratio of 2.10 and a beta of 0.72. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $30.98. The business has a fifty day simple moving average of $22.13 and a 200-day simple moving average of $19.76.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the firm earned $0.29 EPS. Primo Brands’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts forecast that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s payout ratio is 342.86%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRMB. Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday, March 30th. Barclays lifted their price objective on Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a report on Thursday, April 9th. Finally, Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.91.

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.