Rhumbline Advisers Grows Stake in Primo Water Co. (NYSE:PRMW)

Rhumbline Advisers grew its stake in shares of Primo Water Co. (NYSE:PRMW) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 265,408 shares of the company’s stock after buying an additional 481 shares during the period. Rhumbline Advisers owned 0.17% of Primo Water worth $5,802,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. CIBC Asset Management Inc boosted its holdings in Primo Water by 7.6% in the second quarter. CIBC Asset Management Inc now owns 199,500 shares of the company’s stock valued at $4,357,000 after acquiring an additional 14,123 shares during the last quarter. Ritholtz Wealth Management bought a new position in shares of Primo Water during the second quarter valued at approximately $501,000. Intact Investment Management Inc. grew its holdings in shares of Primo Water by 63.9% during the second quarter. Intact Investment Management Inc. now owns 961,870 shares of the company’s stock valued at $21,020,000 after purchasing an additional 374,870 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Primo Water by 3.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,744 shares of the company’s stock valued at $781,000 after purchasing an additional 1,307 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Primo Water by 51.3% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 86,115 shares of the company’s stock valued at $1,882,000 after purchasing an additional 29,192 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Water Trading Up 1.7 %

Shares of NYSE:PRMW opened at $23.99 on Friday. The company has a market cap of $3.86 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.73 and a beta of 1.10. The stock’s 50-day moving average is $21.84 and its 200-day moving average is $20.52. Primo Water Co. has a 52-week low of $12.92 and a 52-week high of $25.60. 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 Water (NYSE:PRMW) last released its 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 business 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 firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the business earned $0.22 earnings per share. Equities research analysts predict that Primo Water Co. will post 0.87 earnings per share for the current year.

Primo Water Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Thursday, August 22nd. Primo Water’s payout ratio is 22.36%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. 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, June 18th. StockNews.com raised shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Tuesday, August 27th. 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 note 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 note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. raised their target price on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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.