Allspring Global Investments Holdings LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,587,264 shares of the company’s stock, valued at approximately $111,169,000. Allspring Global Investments Holdings LLC owned approximately 0.95% of Primo Brands as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Rise Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $28,000. Fulton Bank N.A. acquired a new position in Primo Brands during the fourth quarter worth $669,000. Green Alpha Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at $835,000. Procyon Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at $553,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $176,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Down 0.4 %

Shares of PRMB stock opened at $33.40 on Thursday. Primo Brands Co. has a 1 year low of $14.10 and a 1 year high of $34.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business’s 50 day moving average is $31.78. The firm has a market capitalization of $12.67 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Primo Brands in a research note on Monday, November 18th. They issued a “buy” rating and a $33.00 target price for the company. TD Securities increased their price target on Primo Brands from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th.

About Primo Brands

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo’s revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers.