CastleKnight Management LP Boosts Stake in Primo Brands Corporation $PRMB

CastleKnight Management LP raised its position in shares of Primo Brands Corporation (NYSE:PRMB) by 425.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 625,600 shares of the company’s stock after buying an additional 506,600 shares during the quarter. CastleKnight Management LP’s holdings in Primo Brands were worth $10,229,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Xponance LLC grew its position in Primo Brands by 4.2% during the fourth quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after acquiring an additional 528 shares during the period. Picton Mahoney Asset Management boosted its position in shares of Primo Brands by 65.2% in 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 during the period. Madison Asset Management LLC boosted its position in shares of Primo Brands by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after buying an additional 943 shares during the period. US Bancorp DE boosted its position in shares of Primo Brands by 47.2% in the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 102.4% in 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 during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of PRMB opened at $23.66 on Thursday. The company has a market cap of $8.59 billion, a P/E ratio of 169.01, a PEG ratio of 2.10 and a beta of 0.72. The stock has a fifty day moving average price of $22.13 and a 200 day moving average price of $19.76. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $30.98.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. On average, research analysts forecast that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.0%. The ex-dividend date was Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is currently 342.86%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PRMB shares. Weiss Ratings raised Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a research note on Thursday, April 9th. Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Friday, March 27th. Finally, Barclays upped their price objective on Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average target price of $25.91.

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.