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

Primo Water (NYSE:PRMW) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other equities analysts also recently issued reports on PRMW. CIBC upped their target price 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 increased 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. JPMorgan Chase & Co. lifted their target price on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $30.00 price target on shares of Primo Water in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.83.

Primo Water Stock Up 1.7 %

NYSE PRMW traded up $0.42 during trading on Wednesday, hitting $25.27. The company’s stock had a trading volume of 2,265,485 shares, compared to its average volume of 1,196,473. Primo Water has a fifty-two week low of $12.92 and a fifty-two week high of $25.60. The company has a market cap of $4.06 billion, a PE ratio of 15.70, a P/E/G ratio of 1.73 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. The business’s 50 day simple moving average is $22.07 and its 200-day simple moving average is $20.70.

Primo Water (NYSE:PRMW) last released its earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The company had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. During the same period last year, the business earned $0.22 EPS. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, equities analysts anticipate that Primo Water will post 0.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Tocqueville Asset Management L.P. grew its stake in shares of Primo Water by 108.7% during the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock worth $1,748,000 after purchasing an additional 50,000 shares during the period. Jane Street Group LLC increased its holdings in Primo Water by 170.4% in the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock valued at $11,287,000 after buying an additional 390,611 shares in the last quarter. Strategic Wealth Partners Ltd. acquired a new position in shares of Primo Water in the first quarter worth about $879,000. Goldman Sachs Group Inc. boosted its stake in shares of Primo Water by 32.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after acquiring an additional 937,235 shares in the last quarter. Finally, Tidal Investments LLC grew its position in shares of Primo Water by 471.2% during the 1st quarter. Tidal Investments LLC now owns 66,149 shares of the company’s stock valued at $1,205,000 after acquiring an additional 54,569 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

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.