BlackRock Inc. cut its holdings in shares of Primo Water Co. (NYSE:PRMW) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,072,598 shares of the company’s stock after selling 206,729 shares during the period. BlackRock Inc. owned about 5.00% of Primo Water worth $135,055,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in PRMW. First Trust Advisors LP acquired a new position in Primo Water in the first quarter worth about $4,509,000. Principal Financial Group Inc. acquired a new position in Primo Water in the first quarter worth about $259,000. New York State Common Retirement Fund grew its stake in Primo Water by 7.3% in the first quarter. New York State Common Retirement Fund now owns 448,445 shares of the company’s stock worth $7,292,000 after purchasing an additional 30,671 shares in the last quarter. UBS Group AG lifted its holdings in Primo Water by 22.9% in the first quarter. UBS Group AG now owns 43,566 shares of the company’s stock worth $708,000 after acquiring an additional 8,122 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Primo Water by 43.6% in the first quarter. Sei Investments Co. now owns 24,038 shares of the company’s stock worth $391,000 after acquiring an additional 7,295 shares during the last quarter. Institutional investors own 90.25% of the company’s stock.
In other Primo Water news, Director Jeremy S. G. Fowden sold 13,710 shares of Primo Water stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $17.71, for a total transaction of $242,804.10. Following the transaction, the director now directly owns 1,373,000 shares in the company, valued at approximately $24,315,830. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeremy S. G. Fowden sold 7,868 shares of Primo Water stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $17.80, for a total transaction of $140,050.40. Following the transaction, the director now owns 1,367,158 shares in the company, valued at $24,335,412.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 138,114 shares of company stock worth $2,462,460. 5.90% of the stock is currently owned by company insiders.
Primo Water (NYSE:PRMW) last posted its quarterly earnings results on Thursday, August 5th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The firm had revenue of $526.10 million for the quarter, compared to analyst estimates of $505.50 million. Primo Water had a negative net margin of 0.87% and a positive return on equity of 6.28%. Sell-side analysts anticipate that Primo Water Co. will post 0.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Thursday, August 19th were given a $0.06 dividend. The ex-dividend date was Wednesday, August 18th. This represents a $0.24 annualized dividend and a yield of 1.50%. Primo Water’s dividend payout ratio (DPR) is 54.55%.
A number of equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Primo Water from a “buy” rating to a “hold” rating in a report on Thursday, October 7th. Royal Bank of Canada lifted their price target on Primo Water from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $19.50.
Primo Water Company Profile
Primo Water Corp. engages in the manufacture, process, and distribution of beverages. It operates through the following segments: North America, Rest of World, and All Other. The North America segment offers bottled water, water filtration, and coffee services to customers in North America. The Rest of World segment provides bottled water, water filtration, and coffee services to customers in Europe and Israel.
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