Fortress Investment Group LLC Makes New Investment in Primo Brands Corporation $PRMB

Fortress Investment Group LLC bought a new position in Primo Brands Corporation (NYSE:PRMB) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 61,540 shares of the company’s stock, valued at approximately $1,823,000.

A number of other large investors also recently modified their holdings of the stock. WINTON GROUP Ltd bought a new stake in shares of Primo Brands during the second quarter worth $3,255,000. KBC Group NV lifted its position in Primo Brands by 0.7% during the 2nd quarter. KBC Group NV now owns 2,066,527 shares of the company’s stock valued at $61,211,000 after purchasing an additional 15,299 shares during the period. Axiom Investors LLC DE bought a new position in shares of Primo Brands in the 1st quarter valued at about $115,081,000. Sei Investments Co. grew its position in shares of Primo Brands by 8.7% during the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company’s stock worth $13,228,000 after buying an additional 29,939 shares during the period. Finally, Eminence Capital LP raised its stake in shares of Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after buying an additional 2,284,912 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primo Brands

In other news, Director Michael John Cramer purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were bought at an average cost of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the acquisition, the director directly owned 17,762 shares in the company, valued at approximately $279,396.26. This trade represents a 39.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven P. Stanbrook acquired 54,540 shares of Primo Brands stock in a transaction dated Thursday, November 13th. The shares were purchased at an average cost of $16.43 per share, with a total value of $896,092.20. Following the completion of the transaction, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. This trade represents a 42.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by insiders.

Primo Brands Trading Up 1.9%

NYSE PRMB opened at $16.39 on Friday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. The firm has a market cap of $6.07 billion, a P/E ratio of -52.85, a P/E/G ratio of 0.53 and a beta of 0.64. The stock’s 50-day moving average is $18.71 and its 200-day moving average is $24.13.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands’s revenue was up 35.3% on a year-over-year basis. Sell-side analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands announced that its board has approved a stock buyback plan on Monday, November 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

Analyst Upgrades and Downgrades

Several analysts have commented on PRMB shares. Barclays dropped their target price on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Wednesday, November 26th. Jefferies Financial Group began coverage on Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective for the company. Bank of America reduced their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. The Goldman Sachs Group lowered their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. Finally, Royal Bank Of Canada reduced their price objective on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.50.

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.