Primo Water (NYSE:PRMW) Stock Rating Lowered by StockNews.com

Primo Water (NYSE:PRMW) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

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

Primo Water Stock Up 0.1 %

Shares of PRMW traded up $0.03 during mid-day trading on Monday, hitting $25.22. 1,049,955 shares of the company traded hands, compared to its average volume of 1,203,709. Primo Water has a 1-year low of $12.92 and a 1-year high of $25.67. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $4.06 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The business has a 50 day moving average of $23.07 and a 200 day moving average of $21.41.

Primo Water (NYSE:PRMW) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $485.00 million for the quarter, compared to the consensus estimate of $477.40 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities research analysts anticipate that Primo Water will post 0.88 EPS for the current year.

Institutional Investors Weigh In On Primo Water

Several large investors have recently modified their holdings of PRMW. Gabelli Funds LLC boosted its holdings in shares of Primo Water by 7.7% in the fourth quarter. Gabelli Funds LLC now owns 140,000 shares of the company’s stock valued at $2,107,000 after acquiring an additional 10,000 shares during the period. Neuberger Berman Group LLC purchased a new stake in shares of Primo Water during the fourth quarter worth approximately $310,000. Goldman Sachs Group Inc. raised its stake in shares of Primo Water by 32.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after purchasing an additional 937,235 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Primo Water by 13.0% during the fourth 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 last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Primo Water by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 12,159,661 shares of the company’s stock worth $183,003,000 after purchasing an additional 248,774 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

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.