King Luther Capital Management Corp Raises Position in Primo Brands Corporation $PRMB

King Luther Capital Management Corp grew its position in shares of Primo Brands Corporation (NYSE:PRMB) by 77.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 171,401 shares of the company’s stock after buying an additional 75,022 shares during the quarter. King Luther Capital Management Corp’s holdings in Primo Brands were worth $3,788,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Primo Brands in the 2nd quarter worth approximately $26,000. Byrne Asset Management LLC bought a new stake in shares of Primo Brands in the 3rd quarter worth $47,000. 1620 Investment Advisors Inc. purchased a new position in shares of Primo Brands in the third quarter worth $54,000. Blue Trust Inc. bought a new position in shares of Primo Brands during the third quarter valued at $57,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after buying an additional 1,058 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.3%

Shares of PRMB stock opened at $18.75 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $35.85. The stock has a market cap of $6.94 billion, a P/E ratio of -60.49, a P/E/G ratio of 0.63 and a beta of 0.63. The company has a 50 day simple moving average of $17.95 and a two-hundred day simple moving average of $20.04.

Primo Brands announced that its Board of Directors has approved a share repurchase program on Monday, November 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be paid a $0.12 dividend. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date is Friday, March 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PRMB shares. BMO Capital Markets restated an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Finally, Mizuho lowered their price target on Primo Brands from $28.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, January 8th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.83.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.