Y Intercept Hong Kong Ltd Sells 63,583 Shares of Primo Brands Corporation $PRMB

Y Intercept Hong Kong Ltd reduced its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 86.2% in the third quarter, HoldingsChannel.com reports. The fund owned 10,165 shares of the company’s stock after selling 63,583 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Primo Brands were worth $225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Viking Global Investors LP boosted its position in shares of Primo Brands by 290.2% during the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after purchasing an additional 14,578,589 shares in the last quarter. Boston Partners lifted its stake in Primo Brands by 13.7% in the second quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after buying an additional 971,939 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Third Point LLC grew its position in shares of Primo Brands by 108.1% during the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after buying an additional 3,000,000 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Primo Brands by 32.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock valued at $145,514,000 after acquiring an additional 1,210,773 shares in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRMB has been the topic of several research analyst reports. Barclays cut their target price on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 26th. Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. 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 report on Tuesday, November 25th. Finally, JPMorgan Chase & Co. decreased their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.83.

Primo Brands Price Performance

PRMB stock opened at $19.18 on Friday. The company has a market capitalization of $7.10 billion, a P/E ratio of -61.86, a price-to-earnings-growth ratio of 0.66 and a beta of 0.63. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The business has a 50-day simple moving average of $17.34 and a two-hundred day simple moving average of $20.76. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02.

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

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

Insider Buying and Selling

In other news, CFO David W. Hass acquired 15,910 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $15.71 per share, with a total value of $249,946.10. Following the acquisition, the chief financial officer directly owned 64,745 shares of the company’s stock, valued at $1,017,143.95. The trade was a 32.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook bought 54,540 shares of Primo Brands stock in a transaction dated Thursday, November 13th. The stock was purchased at an average price of $16.43 per share, with a total value of $896,092.20. Following the purchase, the director owned 181,601 shares in the company, valued at approximately $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by corporate insiders.

About Primo Brands

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.