SummitTX Capital L.P. Has $1.21 Million Stake in Primo Brands Corporation $PRMB

SummitTX Capital L.P. increased its position in Primo Brands Corporation (NYSE:PRMB) by 164.0% in the 1st quarter, Holdings Channel reports. The firm owned 64,428 shares of the company’s stock after buying an additional 40,019 shares during the quarter. SummitTX Capital L.P.’s holdings in Primo Brands were worth $1,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Caption Management LLC bought a new stake in Primo Brands in the 3rd quarter valued at $27,000. LRI Investments LLC raised its position in Primo Brands by 203.1% in the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after purchasing an additional 1,306 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares during the period. Quarry LP lifted its stake in Primo Brands by 516.6% during the fourth quarter. Quarry LP now owns 2,380 shares of the company’s stock worth $39,000 after purchasing an additional 1,994 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Primo Brands by 21,481.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company’s stock valued at $39,000 after purchasing an additional 2,363 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Down 2.4%

NYSE PRMB opened at $22.98 on Thursday. The stock’s 50 day simple moving average is $24.05 and its 200 day simple moving average is $21.41. Primo Brands Corporation has a one year low of $14.36 and a one year high of $28.48. The firm has a market cap of $8.34 billion, a PE ratio of 164.15, a price-to-earnings-growth ratio of 1.99 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, August 24th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s dividend payout ratio is 342.86%.

Analyst Upgrades and Downgrades

PRMB has been the topic of several analyst reports. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. increased their price objective on Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a report on Thursday, April 9th. Finally, Barclays boosted their target price on shares of Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.36.

About Primo Brands

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.