Renaissance Technologies LLC Takes $36.29 Million Position in Primo Brands Co. (NYSE:PRMB)

Renaissance Technologies LLC acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,179,423 shares of the company’s stock, valued at approximately $36,291,000. Renaissance Technologies LLC owned about 0.31% of Primo Brands at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Legal & General Group Plc purchased a new position in Primo Brands in the 4th quarter valued at about $13,903,000. Invesco Ltd. acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $4,007,000. Bank of Montreal Can acquired a new stake in Primo Brands during the fourth quarter worth approximately $282,000. FMR LLC purchased a new stake in Primo Brands in the 4th quarter worth approximately $653,019,000. Finally, Federated Hermes Inc. acquired a new position in Primo Brands in the 4th quarter valued at $55,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRMB shares. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. BMO Capital Markets started coverage on Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Royal Bank of Canada upped their price target on shares of Primo Brands from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $41.50.

Primo Brands Stock Performance

PRMB opened at $33.78 on Friday. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The business’s 50 day simple moving average is $33.18. 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 firm has a market cap of $12.84 billion, a P/E ratio of 40.22, a PEG ratio of 0.78 and a beta of 0.82.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.58 billion. On average, sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were given a $0.10 dividend. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.18%.

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.