Polar Asset Management Partners Inc. Trims Position in Primo Brands Corporation $PRMB

Polar Asset Management Partners Inc. lessened its position in shares of Primo Brands Corporation (NYSE:PRMB) by 10.1% during the first quarter, HoldingsChannel.com reports. The fund owned 540,081 shares of the company’s stock after selling 60,619 shares during the period. Polar Asset Management Partners Inc.’s holdings in Primo Brands were worth $10,170,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PRMB. Dynamic Technology Lab Private Ltd purchased a new stake in Primo Brands in the first quarter valued at approximately $229,000. Caxton Associates LLP purchased a new position in Primo Brands in the 1st quarter worth approximately $266,000. American Century Companies Inc. grew its stake in Primo Brands by 9.3% in the 2nd quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock worth $806,000 after buying an additional 2,318 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Primo Brands by 797.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 54,589 shares of the company’s stock worth $1,617,000 after buying an additional 48,509 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Primo Brands by 29.1% in the 2nd quarter. Invesco Ltd. now owns 301,535 shares of the company’s stock worth $8,931,000 after buying an additional 67,930 shares during the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft lowered their price target on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a research note on Thursday, April 9th. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Barclays increased their price objective on Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.36.

Primo Brands Price Performance

Shares of PRMB stock opened at $22.72 on Monday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $29.02. The firm has a market cap of $8.25 billion, a P/E ratio of 162.30, a P/E/G ratio of 1.92 and a beta of 0.73. The business’s 50 day moving average price is $24.03 and its 200-day moving average price is $21.28.

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

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s payout ratio is 342.86%.

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.