Ionic Capital Management LLC Has $2.26 Million Stake in Primo Brands Corporation $PRMB

Ionic Capital Management LLC raised its position in shares of Primo Brands Corporation (NYSE:PRMB) by 265.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,438 shares of the company’s stock after acquiring an additional 74,438 shares during the quarter. Primo Brands comprises 0.2% of Ionic Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding. Ionic Capital Management LLC’s holdings in Primo Brands were worth $2,264,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PRMB. Viking Global Investors LP boosted its position in shares of Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares in the last quarter. William Blair Investment Management LLC increased its stake in shares of Primo Brands by 11.6% in the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after acquiring an additional 1,231,701 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares during the period. Third Point LLC boosted its stake in Primo Brands by 108.1% during the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after acquiring an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Primo Brands by 3.6% in the third quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock worth $112,503,000 after purchasing an additional 177,929 shares during the period. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Down 0.5%

Shares of PRMB stock opened at $20.75 on Monday. The company has a 50-day simple moving average of $19.46 and a two-hundred day simple moving average of $19.62. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of 138.35, a PEG ratio of 1.51 and a beta of 0.61. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.78 and a current ratio of 0.95.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.13 earnings per share. Research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be given a $0.12 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is 266.67%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRMB shares. TD Securities increased their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Barclays boosted their target price on Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. Finally, Zacks Research raised Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Primo Brands currently has an average rating of “Moderate Buy” and an average price target of $27.25.

Primo Brands Company Profile

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.