USA Financial Portformulas Corp Takes Position in Primo Water Co. (PRMW)

USA Financial Portformulas Corp bought a new stake in shares of Primo Water Co. (NASDAQ:PRMW) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 23,080 shares of the company’s stock, valued at approximately $404,000.

Other hedge funds have also made changes to their positions in the company. Martingale Asset Management L P bought a new stake in shares of Primo Water during the 2nd quarter valued at $186,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Primo Water during the 2nd quarter valued at $198,000. Bank of Montreal Can boosted its holdings in shares of Primo Water by 5,864.6% during the 2nd quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock valued at $200,000 after buying an additional 11,260 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of Primo Water during the 2nd quarter valued at $208,000. Finally, A.R.T. Advisors LLC bought a new stake in shares of Primo Water during the 1st quarter valued at $210,000. Hedge funds and other institutional investors own 74.38% of the company’s stock.

A number of analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Primo Water from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, August 29th. BidaskClub upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Barrington Research boosted their target price on shares of Primo Water from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, August 8th. Finally, BMO Capital Markets boosted their target price on shares of Primo Water from $16.00 to $18.00 and gave the company a “market perform” rating in a report on Wednesday, August 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Primo Water currently has a consensus rating of “Buy” and an average price target of $20.50.

In related news, VP Michael Cauthen sold 1,377 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $19.56, for a total value of $26,934.12. Following the transaction, the vice president now owns 6,159 shares in the company, valued at approximately $120,470.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles A. Norris sold 43,454 shares of the company’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $19.74, for a total transaction of $857,781.96. Following the completion of the transaction, the director now owns 4,282 shares in the company, valued at approximately $84,526.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,509 shares of company stock worth $4,895,288. 13.50% of the stock is currently owned by company insiders.

Shares of PRMW stock opened at $17.31 on Friday. Primo Water Co. has a 12 month low of $10.86 and a 12 month high of $20.72. The firm has a market cap of $652.50 million, a PE ratio of 82.43, a price-to-earnings-growth ratio of 3.80 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24.

Primo Water (NASDAQ:PRMW) last announced its quarterly earnings results on Tuesday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.04. The company had revenue of $75.80 million for the quarter, compared to analysts’ expectations of $72.96 million. Primo Water had a net margin of 3.21% and a return on equity of 8.21%. As a group, analysts expect that Primo Water Co. will post 0.38 earnings per share for the current year.

About Primo Water

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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Institutional Ownership by Quarter for Primo Water (NASDAQ:PRMW)

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