Primo Water Corp. (PRMW) Trading 2.6% Higher After Analyst Upgrade
Shares of Primo Water Corp. (NASDAQ:PRMW) rose 2.6% during trading on Wednesday after Barrington Research raised their price target on the stock from $13.00 to $15.00. Barrington Research currently has an outperform rating on the stock. Primo Water Corp. traded as high as $13.35 and last traded at $13.35, with a volume of 125,163 shares changing hands. The stock had previously closed at $13.01.
PRMW has been the subject of a number of other reports. Zacks Investment Research lowered shares of Primo Water Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 6th. B. Riley upped their price objective on shares of Primo Water Corp. from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.75.
Several hedge funds have recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. raised its stake in Primo Water Corp. by 12.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,259,798 shares of the company’s stock worth $14,878,000 after buying an additional 143,940 shares during the period. Vanguard Group Inc. increased its position in Primo Water Corp. by 9.7% in the second quarter. Vanguard Group Inc. now owns 960,859 shares of the company’s stock worth $11,347,000 after buying an additional 85,176 shares in the last quarter. Wellington Management Group LLP increased its position in Primo Water Corp. by 2.2% in the first quarter. Wellington Management Group LLP now owns 672,450 shares of the company’s stock worth $6,785,000 after buying an additional 14,350 shares in the last quarter. BlackRock Fund Advisors increased its position in Primo Water Corp. by 1,040.8% in the second quarter. BlackRock Fund Advisors now owns 548,064 shares of the company’s stock worth $6,473,000 after buying an additional 500,020 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Primo Water Corp. by 48.0% in the second quarter. Dimensional Fund Advisors LP now owns 360,127 shares of the company’s stock worth $4,253,000 after buying an additional 116,770 shares in the last quarter. 64.59% of the stock is owned by institutional investors and hedge funds.
The company has a 50-day moving average price of $11.92 and a 200-day moving average price of $11.44. The stock has a market cap of $357.91 million, a PE ratio of 84.88 and a beta of 0.04.
Primo Water Corp. (NASDAQ:PRMW) last posted its earnings results on Tuesday, August 2nd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.04. The company earned $34.40 million during the quarter, compared to analyst estimates of $33.86 million. Primo Water Corp. had a return on equity of 22.31% and a net margin of 3.53%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 EPS. Analysts expect that Primo Water Corp. will post $0.24 EPS for the current fiscal year.
About Primo Water Corp.
Primo Water Corporation is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. The Company conducts its operations through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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