Short Interest in Primo Brands Corporation (NYSE:PRMB) Expands By 57.4%

Primo Brands Corporation (NYSE:PRMB) saw a significant growth in short interest in September. As of September 15th, there was short interest totaling 17,360,000 shares, a growth of 57.4% from the August 31st total of 11,030,000 shares. Based on an average daily trading volume, of 6,590,000 shares, the short-interest ratio is currently 2.6 days. Currently, 6.9% of the shares of the company are short sold. Currently, 6.9% of the shares of the company are short sold. Based on an average daily trading volume, of 6,590,000 shares, the short-interest ratio is currently 2.6 days.

Primo Brands Trading Up 0.3%

PRMB opened at $22.09 on Monday. The stock has a market capitalization of $8.25 billion, a PE ratio of -200.85, a P/E/G ratio of 0.58 and a beta of 0.76. Primo Brands has a one year low of $21.56 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The business’s 50 day moving average price is $24.39 and its 200 day moving average price is $29.08.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.83 billion. The company’s revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Primo Brands will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. Primo Brands’s dividend payout ratio (DPR) is presently -363.64%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek bought 8,285 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven P. Stanbrook bought 12,400 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director directly owned 125,025 shares of the company’s stock, valued at approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company’s stock.

Institutional Trading of Primo Brands

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after buying an additional 4,389,327 shares during the period. Viking Global Investors LP lifted its stake in Primo Brands by 290.2% during the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares in the last quarter. Boston Partners lifted its stake in Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after acquiring an additional 971,939 shares in the last quarter. Eminence Capital LP boosted its holdings in Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after acquiring an additional 2,284,912 shares during the period. Finally, Alliancebernstein L.P. grew its position in Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PRMB shares. Morgan Stanley dropped their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Primo Brands in a report on Saturday, September 27th. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Friday, August 22nd. Bank of America dropped their price objective on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, July 11th. Finally, The Goldman Sachs Group started coverage on shares of Primo Brands in a research note on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and a consensus target price of $36.18.

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.