Short Interest in Primo Brands Corporation (NYSE:PRMB) Declines By 20.0%

Primo Brands Corporation (NYSE:PRMB) was the target of a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 33,527,836 shares, a drop of 20.0% from the February 12th total of 41,934,428 shares. Based on an average trading volume of 7,828,347 shares, the days-to-cover ratio is presently 4.3 days. Currently, 22.2% of the shares of the company are sold short. Currently, 22.2% of the shares of the company are sold short. Based on an average trading volume of 7,828,347 shares, the days-to-cover ratio is presently 4.3 days.

Primo Brands Price Performance

Primo Brands stock traded up $0.59 during trading hours on Tuesday, reaching $20.74. 4,602,945 shares of the stock were exchanged, compared to its average volume of 6,171,318. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. Primo Brands has a twelve month low of $14.36 and a twelve month high of $35.85. The company has a market cap of $7.53 billion, a P/E ratio of 138.24, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. The stock has a 50 day moving average of $19.62 and a two-hundred day moving average of $19.55.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 EPS. Equities analysts expect that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be given a dividend of $0.12 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, March 6th. Primo Brands’s dividend payout ratio (DPR) is presently 266.67%.

Institutional Investors Weigh In On Primo Brands

Large investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Primo Brands during the 2nd quarter worth $26,000. Caption Management LLC acquired a new stake in Primo Brands in the third quarter valued at about $27,000. LRI Investments LLC boosted its stake in Primo Brands by 203.1% in the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock valued at $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% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after acquiring an additional 1,058 shares during the last quarter. Finally, Byrne Asset Management LLC bought a new position in Primo Brands in the third quarter valued at about $47,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PRMB shares. JPMorgan Chase & Co. decreased their target price on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Primo Brands in a research report on Monday, December 29th. Royal Bank Of Canada increased their price target on Primo Brands to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Barclays raised their price objective on Primo Brands from $21.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Finally, TD Securities lifted their price objective on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a report on Friday, February 27th. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

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.