Easterly Investment Partners LLC Makes New $1.36 Million Investment in Primo Brands Co. (NYSE:PRMB)

Easterly Investment Partners LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 44,041 shares of the company’s stock, valued at approximately $1,355,000.

Other large investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at approximately $28,000. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new stake in Primo Brands during the fourth quarter valued at $33,000. Finally, R Squared Ltd purchased a new position in Primo Brands in the fourth quarter valued at $42,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of PRMB opened at $34.41 on Friday. The stock’s 50 day moving average price is $32.83. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The stock has a market capitalization of $13.08 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.25.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. On average, analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 7th were issued a dividend of $0.10 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Friday, March 7th.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRMB. BMO Capital Markets initiated coverage on Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 target price on the stock. TD Securities raised their price objective on Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada lifted their price target on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $41.40.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.