Entropy Technologies LP Grows Stake in Primo Brands Corporation (NYSE:PRMB)

Entropy Technologies LP grew its holdings in Primo Brands Corporation (NYSE:PRMB) by 264.5% during the first quarter, HoldingsChannel reports. The fund owned 27,937 shares of the company’s stock after purchasing an additional 20,272 shares during the period. Entropy Technologies LP’s holdings in Primo Brands were worth $991,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PRMB. LPL Financial LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at about $550,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Primo Brands in the 4th quarter valued at about $312,000. Alliancebernstein L.P. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $5,092,000. Franklin Resources Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $290,000. Finally, Wells Fargo & Company MN purchased a new position in shares of Primo Brands in the 4th quarter valued at about $3,155,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Up 1.7%

Shares of PRMB stock opened at $24.09 on Tuesday. The business’s 50 day moving average is $28.95 and its two-hundred day moving average is $31.53. Primo Brands Corporation has a twelve month low of $21.36 and a twelve month high of $35.85. The company has a market capitalization of $9.00 billion, a P/E ratio of -218.98, a price-to-earnings-growth ratio of 0.45 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.83 billion. The company’s quarterly revenue was up 31.6% on a year-over-year basis. Equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

Analyst Ratings Changes

PRMB has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, July 11th. Royal Bank Of Canada dropped their price target on Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $26.00 price target on shares of Primo Brands in a research note on Friday. Morgan Stanley dropped their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Mizuho initiated coverage on Primo Brands in a research note on Monday, May 12th. They set an “outperform” rating and a $43.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

About Primo Brands

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.