Hiddenite Capital Partners LP Has $5.92 Million Stake in Primo Brands Corporation $PRMB

Hiddenite Capital Partners LP boosted its position in shares of Primo Brands Corporation (NYSE:PRMB) by 14.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 200,000 shares of the company’s stock after purchasing an additional 25,000 shares during the period. Primo Brands accounts for approximately 1.6% of Hiddenite Capital Partners LP’s portfolio, making the stock its 18th largest holding. Hiddenite Capital Partners LP’s holdings in Primo Brands were worth $5,924,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Primo Brands by 22.1% during the second quarter. Bank of New York Mellon Corp now owns 1,727,785 shares of the company’s stock worth $51,177,000 after buying an additional 313,169 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in Primo Brands during the second quarter worth about $5,064,000. Strs Ohio grew its stake in Primo Brands by 34.6% during the second quarter. Strs Ohio now owns 68,363 shares of the company’s stock worth $2,025,000 after buying an additional 17,563 shares in the last quarter. Amalgamated Bank grew its stake in Primo Brands by 91.6% during the second quarter. Amalgamated Bank now owns 13,166 shares of the company’s stock worth $390,000 after buying an additional 6,294 shares in the last quarter. Finally, Atria Investments Inc acquired a new stake in shares of Primo Brands in the 2nd quarter valued at approximately $544,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Down 0.1%

Shares of NYSE PRMB opened at $21.96 on Tuesday. The company has a 50 day simple moving average of $22.91 and a 200 day simple moving average of $27.31. The firm has a market cap of $8.20 billion, a PE ratio of -199.61, a price-to-earnings-growth ratio of 0.61 and a beta of 0.76. Primo Brands Corporation has a 1 year low of $21.37 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

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

Primo Brands Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Steven P. Stanbrook purchased 12,400 shares of the stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price 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 $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robbert Rietbroek purchased 8,285 shares of the stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of research analyst reports. Morgan Stanley reduced their price target on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, August 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Bank of America reduced their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Finally, Mizuho reduced their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 28th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and a consensus price target of $33.08.

Primo Brands Company 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.