Clearstead Trust LLC Invests $154,000 in Primo Brands Co. (NYSE:PRMB)

Clearstead Trust LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,000 shares of the company’s stock, valued at approximately $154,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PRMB. Green Alpha Advisors LLC acquired a new position in Primo Brands in the 4th quarter valued at about $835,000. Fulton Bank N.A. acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $669,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands during the 4th quarter worth approximately $111,169,000. Robeco Institutional Asset Management B.V. acquired a new stake in Primo Brands during the 4th quarter worth approximately $4,350,000. Finally, Principal Financial Group Inc. purchased a new position in Primo Brands in the 4th quarter valued at approximately $2,272,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Primo Brands Stock Performance

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

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

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.09.

Primo Brands Company 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.