Primo Water (NYSE:PRMW) Sees Large Volume Increase – Here’s What Happened

Primo Water Co. (NYSE:PRMW) shares saw an uptick in trading volume on Friday . 4,064,007 shares were traded during trading, an increase of 216% from the previous session’s volume of 1,286,914 shares.The stock last traded at $24.70 and had previously closed at $24.44.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRMW shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research note on Tuesday, October 1st. StockNews.com cut Primo Water from a “buy” rating to a “hold” rating in a research note on Sunday, October 13th. Raymond James lowered Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Finally, William Blair initiated coverage on Primo Water in a research report on Thursday, October 24th. They set an “outperform” rating for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Stock Down 0.9 %

The firm’s 50-day simple moving average is $25.27 and its 200 day simple moving average is $22.77. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a market capitalization of $3.88 billion, a P/E ratio of 15.97, a PEG ratio of 1.93 and a beta of 1.10.

Primo Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.22 earnings per share. As a group, research analysts expect that Primo Water Co. will post 0.88 EPS for the current year.

Primo Water Announces Dividend

The firm also recently declared a — dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be given a dividend of $0.82 per share. This represents a yield of 1.3%. The ex-dividend date is Tuesday, November 5th. Primo Water’s dividend payout ratio is 22.78%.

Hedge Funds Weigh In On Primo Water

A number of hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Primo Water by 0.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,827,623 shares of the company’s stock worth $96,647,000 after acquiring an additional 32,875 shares during the period. Renaissance Technologies LLC lifted its stake in Primo Water by 3.2% during the second quarter. Renaissance Technologies LLC now owns 1,595,042 shares of the company’s stock worth $34,868,000 after purchasing an additional 49,500 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Primo Water by 27.3% in the 2nd quarter. TD Asset Management Inc now owns 1,401,438 shares of the company’s stock valued at $30,623,000 after purchasing an additional 300,929 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of Primo Water by 43.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock valued at $34,849,000 after purchasing an additional 419,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 53,241 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

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.