Primo Water (NYSE:PRMW) Stock Rating Lowered by StockNews.com

Primo Water (NYSE:PRMW) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

PRMW has been the topic of a number of other reports. Raymond James cut shares of Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. CIBC upped their price objective on shares of Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating 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 stock an “overweight” rating in a research report on Tuesday, June 18th. TD Securities boosted their price target on shares of Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research note on Tuesday, October 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

Shares of PRMW opened at $25.43 on Monday. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.67. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market cap of $4.09 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The stock has a 50-day moving average price of $23.14 and a 200-day moving average price of $21.46.

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

Institutional Trading of Primo Water

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Primo Water by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after purchasing an additional 248,774 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after purchasing an additional 937,235 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Primo Water by 2.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,794,748 shares of the company’s stock worth $82,953,000 after purchasing an additional 91,363 shares during the last quarter. Wellington Management Group LLP grew its position in Primo Water by 13.0% in the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock worth $40,844,000 after purchasing an additional 312,815 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Primo Water by 3.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock valued at $34,868,000 after buying an additional 49,500 shares during the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Water Company Profile

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.