Primo Brands Corporation $PRMB Stock Purchased by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 292.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 36,365 shares of the company’s stock after acquiring an additional 27,094 shares during the period. Park Avenue Securities LLC’s holdings in Primo Brands were worth $693,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Sterling Capital Management LLC increased its stake in shares of Primo Brands by 1,569.2% during the third quarter. Sterling Capital Management LLC now owns 122,568 shares of the company’s stock worth $2,335,000 after purchasing an additional 115,225 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Primo Brands by 2,881.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,954,180 shares of the company’s stock valued at $37,227,000 after buying an additional 1,888,636 shares in the last quarter. Artemis Investment Management LLP acquired a new stake in Primo Brands in the 3rd quarter worth about $12,199,000. CX Institutional acquired a new stake in Primo Brands in the 3rd quarter worth about $38,000. Finally, Tidal Investments LLC boosted its holdings in Primo Brands by 226.7% in the 2nd quarter. Tidal Investments LLC now owns 1,150,675 shares of the company’s stock worth $28,122,000 after buying an additional 798,488 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on PRMB. Royal Bank Of Canada reiterated an “outperform” rating on shares of Primo Brands in a research note on Wednesday. Barclays decreased their target price on Primo Brands from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primo Brands in a research note on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $29.00 price target on shares of Primo Brands in a research note on Friday, August 7th. Finally, Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Friday, October 30th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.55.

Insider Buying and Selling

In other Primo Brands news, CEO Eric Foss acquired 84,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was bought at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the acquisition, the chief executive officer owned 573,806 shares in the company, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 32.90% of the company’s stock.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $21.00 on Thursday. The firm has a 50-day simple moving average of $20.33 and a 200-day simple moving average of $21.42. The stock has a market capitalization of $7.61 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $26.21.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $0.36 earnings per share. Primo Brands’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts predict that Primo Brands Corporation will post 1.27 earnings per share for the current fiscal year.

About Primo Brands

Primo Brands Corporation is a beverage company focused on providing water and hydration products across North America. The company offers bottled water, water dispensers, refill services, filtration products and other beverage options for households, businesses and retail customers.

Its portfolio includes well-known regional and national water brands such as Poland Spring, Deer Park, Ice Mountain, Arrowhead, Ozarka, Zephyrhills, Pure Life and Primo. Products are distributed through retail stores, direct delivery, e-commerce and workplace and residential water services.

Primo Brands was created through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.