StockNews.com Lowers Primo Water (NYSE:PRMW) to Hold

by · The Cerbat Gem

StockNews.com lowered shares of Primo Water (NYSE:PRMW – Free Report) from a buy rating to a hold rating in a report released on Monday morning.

A number of other equities analysts have also commented on the company. JPMorgan Chase & Co. raised their price target on Primo Water from $24.00 to $26.00 and gave the stock an overweight rating in a report on Tuesday, June 18th. Raymond James lowered Primo Water from an outperform rating to a market perform rating in a report on Wednesday, October 2nd. Royal Bank of Canada reissued an outperform rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday, October 1st. TD Securities boosted their price objective on shares of Primo Water from $30.00 to $32.00 and gave the company a buy rating in a research note on Tuesday, June 18th. Finally, CIBC increased their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an outperformer rating in a research note on Tuesday, June 18th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $25.83.

Read Our Latest Analysis on Primo Water

Primo Water Trading Down 2.3 %

Shares of PRMW stock opened at $25.16 on Monday. Primo Water has a 12-month low of $12.92 and a 12-month high of $26.07. The company has a 50 day moving average of $23.35 and a 200-day moving average of $21.57. The firm has a market cap of $4.05 billion, a P/E ratio of 15.63, a PEG ratio of 1.87 and a beta of 1.11. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Water (NYSE:PRMW – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $485.00 million during the quarter, compared to the consensus estimate of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Sell-side analysts anticipate that Primo Water will post 0.88 earnings per share for the current year.

Primo Water Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.09 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.43%. Primo Water’s dividend payout ratio is 22.36%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Gabelli Funds LLC increased its stake in shares of Primo Water by 7.7% in the 4th quarter. Gabelli Funds LLC now owns 140,000 shares of the company’s stock worth $2,107,000 after acquiring an additional 10,000 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in shares of Primo Water during the 4th quarter valued at about $310,000. Goldman Sachs Group Inc. raised its position in Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after acquiring an additional 937,235 shares during the period. Wellington Management Group LLP raised its holdings in Primo Water by 13.0% in the 4th quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock worth $40,844,000 after purchasing an additional 312,815 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Primo Water by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock valued at $183,003,000 after buying an additional 248,774 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

About Primo Water

(Get Free Report)

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.

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