Fortitude Advisory Group L.L.C. Invests $296,000 in Primo Brands Corporation $PRMB

Fortitude Advisory Group L.L.C. acquired a new position in Primo Brands Corporation (NYSE:PRMB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the company’s stock, valued at approximately $296,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in Primo Brands during the 1st quarter worth about $40,000. New Age Alpha Advisors LLC acquired a new stake in Primo Brands during the 1st quarter worth about $43,000. Parallel Advisors LLC lifted its position in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock worth $46,000 after acquiring an additional 902 shares during the period. Millstone Evans Group LLC acquired a new stake in Primo Brands during the 1st quarter worth about $54,000. Finally, GAMMA Investing LLC lifted its position in Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock worth $69,000 after acquiring an additional 498 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $22.09 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a twelve month low of $21.56 and a twelve month high of $35.85. The business has a 50-day moving average price of $24.39 and a 200 day moving average price of $29.10. The firm has a market cap of $8.25 billion, a PE ratio of -200.85, a P/E/G ratio of 0.58 and a beta of 0.76.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.83 billion. The business’s revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

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

Insider Activity at Primo Brands

In other news, Director Steven P. Stanbrook acquired 12,400 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robbert Rietbroek acquired 8,285 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 24,685 shares of company stock worth $595,770 in the last 90 days. Corporate insiders own 58.40% of the company’s stock.

Analysts Set New Price Targets

PRMB has been the subject of a number of research reports. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Primo Brands in a research report on Saturday, September 27th. Mizuho lowered their price target on Primo Brands from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Finally, Zacks Research lowered Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Friday, August 22nd. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands currently has an average rating of “Moderate Buy” and an average target price of $36.18.

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.