Primo Water (NYSE:PRMW) Downgraded by StockNews.com to Hold

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

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

Primo Water Trading Up 1.7 %

NYSE PRMW traded up $0.42 during trading hours on Wednesday, hitting $25.27. 2,265,485 shares of the company were exchanged, compared to its average volume of 1,196,473. Primo Water has a 52 week low of $12.92 and a 52 week high of $25.60. 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 stock has a 50-day moving average price of $22.07 and a 200 day moving average price of $20.70. The stock has a market cap of $4.06 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10.

Primo Water (NYSE:PRMW) last released its earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. 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 previous year, the company posted $0.22 EPS. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. Analysts forecast that Primo Water will post 0.87 earnings per share for the current fiscal year.

Institutional Trading of Primo Water

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cedar Wealth Management LLC purchased a new stake in shares of Primo Water during the 1st quarter worth $27,000. CWM LLC lifted its position in shares of 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 purchased a new stake in shares of Primo Water during the first quarter valued at about $66,000. Clearstead Trust LLC bought a new stake in shares of Primo Water in the 2nd quarter valued at about $109,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Primo Water in the 2nd quarter worth approximately $151,000. Institutional investors own 87.71% of the company’s stock.

Primo Water Company Profile

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.