WINTON GROUP Ltd Makes New $3.26 Million Investment in Primo Brands Corporation $PRMB

WINTON GROUP Ltd bought a new stake in Primo Brands Corporation (NYSE:PRMB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 109,900 shares of the company’s stock, valued at approximately $3,255,000.

A number of other large investors also recently made changes to their positions in PRMB. Gabelli Funds LLC boosted its stake in Primo Brands by 566.7% in the 2nd quarter. Gabelli Funds LLC now owns 116,664 shares of the company’s stock valued at $3,456,000 after purchasing an additional 99,164 shares during the period. Gamco Investors INC. ET AL lifted its holdings in shares of Primo Brands by 221.5% during the second quarter. Gamco Investors INC. ET AL now owns 19,288 shares of the company’s stock worth $571,000 after buying an additional 13,288 shares in the last quarter. Diametric Capital LP bought a new stake in shares of Primo Brands in the second quarter valued at about $679,000. Marshall Wace LLP acquired a new position in shares of Primo Brands in the second quarter valued at about $6,320,000. Finally, Pertento Partners LLP increased its position in Primo Brands by 4.2% during the second quarter. Pertento Partners LLP now owns 2,662,659 shares of the company’s stock worth $78,868,000 after acquiring an additional 107,940 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Down 2.5%

PRMB stock opened at $15.48 on Tuesday. The firm has a 50-day moving average price of $19.20 and a 200-day moving average price of $24.47. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $35.85. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $5.73 billion, a P/E ratio of -49.92, a price-to-earnings-growth ratio of 0.52 and a beta of 0.64.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands’s quarterly revenue was up 35.3% on a year-over-year basis. As a group, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands announced that its board has authorized a share buyback program on Monday, November 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, November 25th. This represents a $0.40 annualized dividend and a dividend yield of 2.6%. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Insider Transactions at Primo Brands

In other news, Director Michael John Cramer purchased 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average cost of $15.73 per share, with a total value of $78,650.00. Following the completion of the purchase, the director owned 17,762 shares of the company’s stock, valued at $279,396.26. This trade represents a 39.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Eric J. Foss acquired 4,970 shares of the stock in a transaction dated Wednesday, November 12th. The stock was purchased at an average cost of $16.15 per share, with a total value of $80,265.50. Following the purchase, the chief executive officer directly owned 360,036 shares of the company’s stock, valued at $5,814,581.40. This trade represents a 1.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 203,469 shares of company stock worth $3,214,674. Insiders own 58.40% of the company’s stock.

Analyst Ratings Changes

PRMB has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 1st. Jefferies Financial Group initiated coverage on shares of Primo Brands in a research report on Friday, October 17th. They issued a “hold” rating and a $23.00 price target for the company. Barclays cut their price target on Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. JPMorgan Chase & Co. lowered their price objective on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Finally, Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.50.

About Primo Brands

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.