iA Global Asset Management Inc. Grows Stake in Primo Brands Corporation $PRMB

iA Global Asset Management Inc. grew its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 102.7% during the third quarter, HoldingsChannel reports. The firm owned 346,570 shares of the company’s stock after buying an additional 175,620 shares during the period. iA Global Asset Management Inc.’s holdings in Primo Brands were worth $7,659,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PRMB. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock valued at $1,719,000 after buying an additional 55,505 shares during the period. Janney Capital Management LLC purchased a new stake in shares of Primo Brands during the third quarter valued at approximately $3,500,000. Investors Asset Management of Georgia Inc. GA ADV purchased a new stake in shares of Primo Brands during the third quarter valued at approximately $335,000. Lecap Asset Management Ltd. acquired a new position in shares of Primo Brands during the third quarter worth $457,000. Finally, Byrne Asset Management LLC acquired a new position in shares of Primo Brands during the third quarter worth $47,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of PRMB stock opened at $19.26 on Friday. The firm has a fifty day moving average of $16.67 and a two-hundred day moving average of $21.40. The firm has a market cap of $7.13 billion, a P/E ratio of -62.12, a P/E/G ratio of 0.64 and a beta of 0.63. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, November 6th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The business’s revenue for the quarter was up 35.3% on a year-over-year basis. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands announced that its Board of Directors has authorized a share buyback program on Monday, November 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Insider Transactions at Primo Brands

In other news, Director Steven P. Stanbrook bought 54,540 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the transaction, the director owned 181,601 shares in the company, valued at $2,983,704.43. The trade was a 42.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David W. Hass purchased 15,910 shares of the stock in a transaction dated Tuesday, November 11th. The stock was purchased 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 directly owned 64,745 shares in the company, valued at approximately $1,017,143.95. The trade was a 32.58% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 203,469 shares of company stock worth $3,214,674. 58.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PRMB shares. Jefferies Financial Group started coverage on shares of Primo Brands in a report on Friday, October 17th. They set a “hold” rating and a $23.00 price target for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. The Goldman Sachs Group cut their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 25th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a report on Friday. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Primo Brands currently has an average rating of “Moderate Buy” and an average price target of $26.83.

Primo Brands Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.