Gitterman Wealth Management LLC Acquires Shares of 15,311 Primo Brands Co. (NYSE:PRMB)

Gitterman Wealth Management LLC acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 15,311 shares of the company’s stock, valued at approximately $471,000.

Other institutional investors have also added to or reduced their stakes in the company. Green Alpha Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at approximately $835,000. Fulton Bank N.A. purchased a new stake in Primo Brands during the 4th quarter valued at approximately $669,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at $111,169,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Primo Brands in the fourth quarter valued at $4,350,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Primo Brands in the fourth quarter valued at $2,272,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRMB has been the subject of a number of recent research reports. Royal Bank of Canada raised their target price on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, February 21st. TD Securities raised their target price on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, February 28th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $41.40.

Primo Brands Stock Up 2.6 %

Shares of PRMB opened at $32.03 on Friday. The company has a market capitalization of $12.17 billion, a P/E ratio of 37.74, a PEG ratio of 0.78 and a beta of 1.10. The stock has a fifty day moving average of $32.58. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.25. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.58 billion. As a group, research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 7th.

Primo Brands Company Profile

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.