Neumeier Poma Investment Counsel LLC Purchases New Stake in Primo Brands Corporation $PRMB

Neumeier Poma Investment Counsel LLC bought a new position in Primo Brands Corporation (NYSE:PRMB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 875,785 shares of the company’s stock, valued at approximately $21,404,185. Neumeier Poma Investment Counsel LLC owned about 0.24% of Primo Brands as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Caption Management LLC acquired a new stake in shares of Primo Brands in the 3rd quarter valued at approximately $27,000. LRI Investments LLC lifted its position in shares of Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after buying an additional 1,306 shares in the last quarter. Picton Mahoney Asset Management raised its position in shares of Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after buying an additional 850 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in Primo Brands during the 2nd quarter valued at $37,000. Finally, EverSource Wealth Advisors LLC increased its stake in Primo Brands by 76.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock valued at $37,000 after purchasing an additional 853 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

NYSE PRMB traded up $0.44 during trading hours on Friday, reaching $22.88. The company’s stock had a trading volume of 2,128,373 shares, compared to its average volume of 4,557,491. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $26.21. The company’s 50-day moving average is $23.90 and its two-hundred day moving average is $22.10. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 88.00, a P/E/G ratio of 1.58 and a beta of 0.74.

Primo Brands (NYSE:PRMB) last announced its earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the company earned $0.36 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts predict that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s dividend payout ratio is currently 184.62%.

Insiders Place Their Bets

In related news, CEO Eric J. Foss acquired 84,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 32.90% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays upped their target price on Primo Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $25.00 price objective on shares of Primo Brands in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. TD Cowen reissued a “buy” rating on shares of Primo Brands in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada raised their price objective on shares of Primo Brands from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.25.

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.