Primo Brands (NYSE:PRMB) Given New $21.00 Price Target at JPMorgan Chase & Co.

Primo Brands (NYSE:PRMB) had its target price lowered by research analysts at JPMorgan Chase & Co. from $23.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 29.45% from the company’s previous close.

Several other analysts have also commented on PRMB. The Goldman Sachs Group decreased their price target on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, November 25th. Barclays lowered their target price on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Jefferies Financial Group began coverage on Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price target on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research report on Monday. Finally, Royal Bank Of Canada reduced their target price on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Primo Brands Trading Down 0.6%

Shares of NYSE PRMB traded down $0.10 during mid-day trading on Thursday, reaching $16.22. The company had a trading volume of 1,485,448 shares, compared to its average volume of 5,747,588. Primo Brands has a 52 week low of $14.36 and a 52 week high of $35.85. The business’s 50-day moving average is $18.39 and its 200-day moving average is $23.73. The stock has a market cap of $6.01 billion, a price-to-earnings ratio of -52.37, a price-to-earnings-growth ratio of 0.57 and a beta of 0.64. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting the consensus estimate of $0.41. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The company’s revenue was up 35.3% compared to the same quarter last year. Equities analysts expect that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands announced that its Board of Directors has initiated a stock repurchase plan on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Michael John Cramer purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $15.73 per share, with a total value of $78,650.00. Following the completion of the acquisition, the director owned 17,762 shares in the company, valued at $279,396.26. This trade represents a 39.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David W. Hass bought 15,910 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the acquisition, the chief financial officer owned 64,745 shares in the company, valued at $1,017,143.95. This represents a 32.58% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Primo Brands in the second quarter valued at approximately $26,000. Caption Management LLC acquired a new position in Primo Brands during the 3rd quarter worth $27,000. Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the third quarter worth about $47,000. 1620 Investment Advisors Inc. acquired a new position in shares of Primo Brands during the third quarter worth $54,000. Finally, Blue Trust Inc. purchased a new position in shares of Primo Brands in the 3rd quarter valued at about $57,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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.