Raymond James Lowers Primo Water (NYSE:PRMW) to Market Perform

Primo Water (NYSE:PRMW) was downgraded by stock analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report issued on Wednesday, Briefing.com reports.

PRMW has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price objective on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. StockNews.com upgraded Primo Water from a “hold” rating to a “buy” rating in a research report on Monday. CIBC upped their price objective on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. TD Securities upped their price objective on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $30.00 price objective on shares of Primo Water in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Primo Water currently has an average rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Trading Down 1.2 %

Shares of NYSE:PRMW opened at $24.94 on Wednesday. The company has a market cap of $4.01 billion, a P/E ratio of 15.49, a PEG ratio of 1.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Water has a 1 year low of $12.92 and a 1 year high of $25.67. The stock’s fifty day moving average price is $22.85 and its 200-day moving average price is $21.26.

Primo Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating 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 company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. Sell-side analysts expect that Primo Water will post 0.88 earnings per share for the current year.

Institutional Trading of Primo Water

Several institutional investors have recently made changes to their positions in the business. Cedar Wealth Management LLC bought a new position in Primo Water during the first quarter valued at approximately $27,000. CWM LLC boosted its stake in Primo Water by 36.0% during the first quarter. CWM LLC now owns 2,384 shares of the company’s stock valued at $43,000 after buying an additional 631 shares during the last quarter. Crewe Advisors LLC bought a new stake in shares of Primo Water in the 1st quarter valued at approximately $66,000. Clearstead Trust LLC bought a new stake in shares of Primo Water in the 2nd quarter valued at approximately $109,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Primo Water in the 2nd quarter valued at approximately $151,000. Hedge funds and other 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.