Entropy Technologies LP Buys New Stake in Primo Brands Co. (NYSE:PRMB)

Entropy Technologies LP purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,665 shares of the company’s stock, valued at approximately $236,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Primo Brands during the fourth quarter worth approximately $28,000. R Squared Ltd acquired a new stake in Primo Brands during the fourth quarter worth approximately $42,000. Nisa Investment Advisors LLC purchased a new stake in shares of Primo Brands during the 4th quarter worth approximately $176,000. Drive Wealth Management LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at $241,000. Finally, Choreo LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at $275,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of PRMB opened at $33.58 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a fifty-two week low of $14.10 and a fifty-two week high of $34.14. The business’s 50-day simple moving average is $31.78. The firm has a market capitalization of $12.74 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of research reports. TD Securities boosted their price target on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Royal Bank of Canada upped their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. BMO Capital Markets began coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on Primo Brands in a report on Monday, November 18th. They issued a “buy” rating and a $33.00 price objective for the company.

Primo Brands 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.