Primo Brands Corporation $PRMB Stock: Steinberg Asset Management LLC Reduces Stake

Steinberg Asset Management LLC trimmed its position in shares of Primo Brands Corporation (NYSE:PRMB) by 18.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 123,820 shares of the company’s stock after selling 28,600 shares during the quarter. Primo Brands makes up approximately 1.5% of Steinberg Asset Management LLC’s investment portfolio, making the stock its 13th biggest holding. Steinberg Asset Management LLC’s holdings in Primo Brands were worth $2,359,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Squarepoint Ops LLC increased its position in shares of Primo Brands by 62.0% during the second quarter. Squarepoint Ops LLC now owns 761,563 shares of the company’s stock valued at $18,613,000 after purchasing an additional 291,412 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Primo Brands during the 2nd quarter worth about $1,735,000. Royal Bank of Canada boosted its position in shares of Primo Brands by 127.1% during the 1st quarter. Royal Bank of Canada now owns 130,877 shares of the company’s stock valued at $2,464,000 after acquiring an additional 73,253 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Primo Brands by 1,569.2% during the 3rd quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock valued at $2,335,000 after acquiring an additional 115,225 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in Primo Brands in the second quarter valued at about $4,494,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

NYSE PRMB opened at $19.73 on Monday. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of 75.89, a PEG ratio of 1.99 and a beta of 0.73. The company has a 50 day moving average of $20.47 and a 200-day moving average of $21.39. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $26.21.

Primo Brands (NYSE:PRMB) last announced its earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%. Primo Brands’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. On average, equities analysts forecast that Primo Brands Corporation will post 1.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on PRMB. Deutsche Bank Aktiengesellschaft set a $21.00 price target on shares of Primo Brands in a research report on Monday, October 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primo Brands in a research note on Friday, August 7th. Morgan Stanley reissued an “overweight” rating and issued a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. Royal Bank Of Canada boosted their price target on Primo Brands from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, TD Cowen reiterated a “buy” rating on shares of Primo Brands in a research note on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $27.55.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of the stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the purchase, the chief executive officer owned 573,806 shares in the company, valued at $13,656,582.80. This represents a 17.15% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 32.90% of the company’s stock.

Primo Brands Profile

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.