Primo Water (NYSE:PRMW) Trading Up 5.3%

Primo Water Co. (NYSE:PRMW) was up 5.3% during mid-day trading on Thursday . The company traded as high as $23.06 and last traded at $23.02. Approximately 178,488 shares traded hands during trading, a decline of 85% from the average daily volume of 1,169,035 shares. The stock had previously closed at $21.87.

Analysts Set New Price Targets

PRMW has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on Primo Water from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research note on Tuesday, June 18th. JPMorgan Chase & Co. lifted their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. CIBC upped their price objective on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a report on Tuesday, June 18th. Finally, TD Securities increased their target price on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Stock Performance

The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 1.62 and a beta of 1.10. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a fifty day moving average price of $21.59 and a two-hundred day moving average price of $20.21.

Primo Water (NYSE:PRMW) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The firm had revenue of $485.00 million during the quarter, compared to analyst estimates of $477.40 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. Primo Water’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, analysts forecast that Primo Water Co. will post 0.88 EPS for the current fiscal year.

Primo Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is currently 22.36%.

Institutional Trading of Primo Water

Hedge funds have recently bought and sold shares of the company. Cedar Wealth Management LLC acquired a new position in shares of Primo Water during the first quarter valued at approximately $27,000. CWM LLC increased its position in shares of Primo Water by 36.0% during the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after purchasing an additional 631 shares during the period. Crewe Advisors LLC bought a new stake in shares of Primo Water in the 1st quarter worth $66,000. Clearstead Trust LLC acquired a new stake in shares of Primo Water in the second quarter valued at $109,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Primo Water in the second quarter valued at $151,000. 87.71% of the stock is currently owned by institutional investors.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.