Primo Brands Corporation $PRMB Stake Lessened by Ghisallo Capital Management LLC

Ghisallo Capital Management LLC cut its stake in Primo Brands Corporation (NYSE:PRMB) by 91.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,000 shares of the company’s stock after selling 2,750,000 shares during the period. Ghisallo Capital Management LLC’s holdings in Primo Brands were worth $5,525,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PRMB. Dynamic Technology Lab Private Ltd bought a new stake in shares of Primo Brands in the 1st quarter worth about $229,000. Caxton Associates LLP bought a new position in shares of Primo Brands during the first quarter worth about $266,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Primo Brands during the second quarter worth about $26,000. PNC Financial Services Group Inc. grew its stake in Primo Brands by 19.3% in the second quarter. PNC Financial Services Group Inc. now owns 9,923 shares of the company’s stock worth $294,000 after purchasing an additional 1,603 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its stake in Primo Brands by 127.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 97,739 shares of the company’s stock worth $2,895,000 after purchasing an additional 54,690 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on PRMB shares. Mizuho upped their price objective on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, March 5th. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research report on Friday, January 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a research report on Monday, January 5th. Finally, The Goldman Sachs Group reduced their price objective 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. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $20.75 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70. The firm’s 50-day moving average price is $19.46 and its two-hundred day moving average price is $19.69. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The stock has a market capitalization of $7.54 billion, a P/E ratio of 138.35, a P/E/G ratio of 1.51 and a beta of 0.61.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the business posted $0.13 EPS. The business’s revenue was up 11.2% on a year-over-year basis. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be paid a $0.12 dividend. The ex-dividend date is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. Primo Brands’s dividend payout ratio (DPR) is 266.67%.

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.