Amalgamated Bank Acquires Shares of 5,384 Primo Brands Co. (NYSE:PRMB)

Amalgamated Bank acquired a new stake in Primo Brands Co. (NYSE:PRMB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,384 shares of the company’s stock, valued at approximately $166,000.

A number of other hedge funds have also recently modified their holdings of PRMB. Rise Advisors LLC purchased a new position in shares of Primo Brands in the fourth quarter valued at about $28,000. Blue Trust Inc. purchased a new position in shares of Primo Brands in the fourth quarter valued at about $33,000. R Squared Ltd purchased a new position in shares of Primo Brands during the fourth quarter valued at about $42,000. Nisa Investment Advisors LLC purchased a new position in shares of Primo Brands during the fourth quarter valued at about $176,000. Finally, Entropy Technologies LP purchased a new position in shares of Primo Brands during the fourth quarter valued at about $236,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

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

Primo Brands Price Performance

NYSE:PRMB opened at $33.21 on Wednesday. Primo Brands Co. has a one year low of $16.09 and a one year high of $35.25. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business’s 50-day simple moving average is $32.45. The company has a market capitalization of $12.60 billion, a price-to-earnings ratio of 40.77, a P/E/G ratio of 0.78 and a beta of 1.10.

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

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, March 7th. This is an increase from Primo Brands’s previous quarterly dividend of $0.09.

About Primo Brands

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.