Primo Brands Sees Unusually High Options Volume (NYSE:PRMB)

Primo Brands Corporation (NYSE:PRMB) saw some unusual options trading activity on Tuesday. Stock traders bought 13,179 call options on the stock. This is an increase of approximately 310% compared to the typical daily volume of 3,218 call options.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently made changes to their positions in PRMB. Caption Management LLC purchased a new stake in Primo Brands in the third quarter worth $27,000. LRI Investments LLC increased its position in Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $32,000 after purchasing an additional 1,306 shares during the period. Picton Mahoney Asset Management raised its holdings in Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares in the last quarter. Quarry LP lifted its position in shares of Primo Brands by 516.6% in the 4th quarter. Quarry LP now owns 2,380 shares of the company’s stock worth $39,000 after purchasing an additional 1,994 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Primo Brands by 21,481.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company’s stock worth $39,000 after purchasing an additional 2,363 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Trading Up 1.0%

Primo Brands stock traded up $0.19 during trading hours on Tuesday, reaching $18.65. The stock had a trading volume of 1,777,638 shares, compared to its average volume of 5,987,305. The company has a fifty day simple moving average of $19.70 and a 200-day simple moving average of $19.17. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85. The stock has a market cap of $6.77 billion, a PE ratio of 124.51, a PEG ratio of 1.32 and a beta of 0.61. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.13 earnings per share. Analysts forecast that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Friday, March 6th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio is currently 266.67%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PRMB shares. Royal Bank Of Canada boosted their price target on shares of Primo Brands to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. Barclays lifted their price objective on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. TD Securities boosted their target price on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Friday. Finally, Weiss Ratings raised Primo Brands from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 23rd. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently 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.