Thompson Siegel & Walmsley LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Thompson Siegel & Walmsley LLC bought a new position in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 75,500 shares of the company’s stock, valued at approximately $2,323,000.

Several other hedge funds also recently bought and sold shares of PRMB. Allspring Global Investments Holdings LLC bought a new stake in shares of Primo Brands during the 4th quarter worth about $111,169,000. KBC Group NV bought a new stake in shares of Primo Brands during the 4th quarter worth about $49,585,000. Bank of New York Mellon Corp bought a new stake in shares of Primo Brands during the 4th quarter worth about $40,563,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Primo Brands during the 4th quarter worth about $36,995,000. Finally, Levin Capital Strategies L.P. bought a new stake in shares of Primo Brands during the 4th quarter worth about $34,763,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Up 2.6 %

Shares of NYSE:PRMB opened at $32.03 on Friday. The firm’s 50 day simple moving average is $32.58. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market cap of $12.17 billion, a P/E ratio of 37.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.25.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be issued a $0.10 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.40 annualized dividend and a yield of 1.25%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRMB. JPMorgan Chase & Co. upped their price target on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They set an “outperform” rating and a $40.00 target price for the company. Royal Bank of Canada increased their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Finally, TD Securities increased their target price on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $41.40.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.