Primo Water (NYSE:PRMW) Sees Unusually-High Trading Volume

Primo Water Co. (NYSE:PRMW) shares saw unusually-strong trading volume on Thursday . Approximately 957,443 shares changed hands during mid-day trading, a decline of 8% from the previous session’s volume of 1,040,857 shares.The stock last traded at $22.77 and had previously closed at $20.11.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PRMW. Raymond James lowered Primo Water from a “strong-buy” rating to an “outperform” rating and set a $21.00 price target on the stock. in a research note on Wednesday, April 3rd. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. TD Securities lowered their price objective on shares of Primo Water from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primo Water from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.25.

Primo Water Price Performance

The business’s 50 day moving average price is $18.01 and its 200-day moving average price is $15.87. The company has a quick ratio of 1.92, a current ratio of 2.03 and a debt-to-equity ratio of 0.88. The company has a market cap of $3.41 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09.

Primo Water (NYSE:PRMW) last announced its earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.10). Primo Water had a return on equity of 8.55% and a net margin of 10.82%. The business had revenue of $438.70 million for the quarter, compared to analysts’ expectations of $582.93 million. As a group, analysts forecast that Primo Water Co. will post 0.82 earnings per share for the current year.

Primo Water Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a $0.09 dividend. This is a positive change from Primo Water’s previous quarterly dividend of $0.08. The ex-dividend date was Thursday, March 7th. This represents a $0.36 annualized dividend and a dividend yield of 1.70%. Primo Water’s dividend payout ratio (DPR) is presently 24.16%.

Institutional Trading of Primo Water

A number of institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC grew its stake in Primo Water by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 28,137 shares of the company’s stock worth $512,000 after buying an additional 2,215 shares during the last quarter. Global Alpha Capital Management Ltd. boosted its holdings in shares of Primo Water by 13.5% during the first quarter. Global Alpha Capital Management Ltd. now owns 127,000 shares of the company’s stock valued at $2,313,000 after acquiring an additional 15,100 shares during the period. Inspire Investing LLC bought a new position in shares of Primo Water during the first quarter worth about $874,000. Tobam increased its holdings in shares of Primo Water by 4.4% in the 1st quarter. Tobam now owns 16,780 shares of the company’s stock worth $306,000 after acquiring an additional 705 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Primo Water by 2.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,703,385 shares of the company’s stock valued at $67,439,000 after purchasing an additional 100,702 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.