Clearstead Trust LLC Invests $109,000 in Primo Water Co. (NYSE:PRMW)

Clearstead Trust LLC acquired a new position in shares of Primo Water Co. (NYSE:PRMW) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,000 shares of the company’s stock, valued at approximately $109,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in shares of Primo Water by 3.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock worth $34,868,000 after buying an additional 49,500 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Primo Water by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,362,600 shares of the company’s stock worth $29,788,000 after purchasing an additional 53,241 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Primo Water by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 179,359 shares of the company’s stock worth $3,921,000 after purchasing an additional 16,494 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Primo Water by 28.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 16,083 shares of the company’s stock worth $352,000 after purchasing an additional 3,524 shares during the period. Finally, HBK Sorce Advisory LLC purchased a new stake in Primo Water during the 2nd quarter worth $217,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Water Stock Performance

NYSE:PRMW opened at $24.27 on Tuesday. 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 firm has a 50-day moving average of $21.90 and a two-hundred day moving average of $20.61. The stock has a market cap of $3.90 billion, a P/E ratio of 15.07, a PEG ratio of 1.73 and a beta of 1.10. Primo Water Co. has a 1-year low of $12.92 and a 1-year high of $25.60.

Primo Water (NYSE:PRMW) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The business had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. During the same quarter last year, the company posted $0.22 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, research analysts expect that Primo Water Co. will post 0.87 earnings per share for the current fiscal year.

Primo Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.36 annualized dividend and a dividend yield of 1.48%. Primo Water’s payout ratio is 22.36%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. TD Securities upped their price target on shares of Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $30.00 price target on shares of Primo Water in a research report on Tuesday, June 18th. CIBC upped their price target on shares of Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. upped their price target on shares of Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Finally, StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

About Primo Water

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.