Ionic Capital Management LLC Increases Holdings in Primo Brands Corporation $PRMB

Ionic Capital Management LLC increased its stake in Primo Brands Corporation (NYSE:PRMB) by 43.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 147,438 shares of the company’s stock after buying an additional 45,000 shares during the quarter. Primo Brands makes up about 0.3% of Ionic Capital Management LLC’s portfolio, making the stock its 17th largest position. Ionic Capital Management LLC’s holdings in Primo Brands were worth $2,411,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Caption Management LLC purchased a new position in Primo Brands during the third quarter worth about $27,000. LRI Investments LLC grew its position in Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after buying an additional 1,306 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares in the last quarter. Picton Mahoney Asset Management grew its position in Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after buying an additional 850 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in Primo Brands by 21,481.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company’s stock worth $39,000 after buying an additional 2,363 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Trading Down 2.9%

Shares of PRMB stock opened at $23.66 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average price of $22.13 and a two-hundred day moving average price of $19.76. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $30.98. The firm has a market cap of $8.59 billion, a P/E ratio of 169.01, a price-to-earnings-growth ratio of 2.10 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the firm earned $0.29 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts anticipate that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.0%. Primo Brands’s payout ratio is 342.86%.

Wall Street Analyst Weigh In

Several research firms recently commented on PRMB. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Royal Bank Of Canada set a $28.00 target price on Primo Brands in a research report on Thursday, April 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.91.

Primo Brands Company 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.