Primo Brands Corporation (NYSE:PRMB) Short Interest Up 57.4% in September

Primo Brands Corporation (NYSE:PRMB) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 17,360,000 shares, an increase of 57.4% from the August 31st total of 11,030,000 shares. Based on an average trading volume of 6,590,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 6.9% of the company’s stock are sold short. Currently, 6.9% of the company’s stock are sold short. Based on an average trading volume of 6,590,000 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity at Primo Brands

In other news, Director Michael John Cramer acquired 4,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director directly owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robbert Rietbroek bought 8,285 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer owned 586,349 shares of the company’s stock, valued at $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 24,685 shares of company stock valued at $595,770 over the last three months. 58.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Primo Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Viking Global Investors LP raised its holdings in Primo Brands by 290.2% during the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after purchasing an additional 14,578,589 shares in the last quarter. Boston Partners raised its holdings in Primo Brands by 13.7% during the second quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after purchasing an additional 971,939 shares in the last quarter. Eminence Capital LP raised its holdings in 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 purchasing an additional 2,284,912 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRMB. Mizuho decreased their target price on Primo Brands from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, August 20th. Zacks Research downgraded Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Friday, August 22nd. Royal Bank Of Canada decreased their target price on Primo Brands from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Saturday, September 27th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $36.18.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $21.94 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a 50 day simple moving average of $24.13 and a 200-day simple moving average of $28.95. The company has a market cap of $8.19 billion, a PE ratio of -199.41, a P/E/G ratio of 0.57 and a beta of 0.76. Primo Brands has a 12-month low of $21.45 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. The company’s revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.8%. Primo Brands’s payout ratio is presently -363.64%.

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.