Clearline Capital LP Reduces Holdings in Primo Water Co. (NYSE:PRMW)

Clearline Capital LP lowered its stake in shares of Primo Water Co. (NYSE:PRMW) by 55.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 895,329 shares of the company’s stock after selling 1,114,392 shares during the period. Primo Water comprises about 0.5% of Clearline Capital LP’s holdings, making the stock its 17th largest position. Clearline Capital LP’s holdings in Primo Water were worth $19,572,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cedar Wealth Management LLC bought a new stake in Primo Water during the 1st quarter valued at approximately $27,000. CWM LLC boosted 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 purchasing an additional 631 shares in the last quarter. Crewe Advisors LLC bought a new stake in shares of Primo Water during the first quarter valued at approximately $66,000. Clearstead Trust LLC purchased a new stake in Primo Water in the second quarter worth $109,000. Finally, Daiwa Securities Group Inc. bought a new position in Primo Water in the second quarter worth $151,000. 87.71% of the stock is owned by institutional investors.

Primo Water Stock Up 3.0 %

Shares of Primo Water stock opened at $24.98 on Friday. The company has a 50-day simple moving average of $22.68 and a two-hundred day simple moving average of $21.13. The stock has a market capitalization of $4.02 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.87 and a beta of 1.10. 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 announced its quarterly earnings data 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. 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 analyst estimates of $477.40 million. During the same period in the previous year, the business earned $0.22 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, analysts anticipate that Primo Water Co. will post 0.88 EPS for the current fiscal year.

Primo Water Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders 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 dividend yield of 1.44%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s payout ratio is currently 22.36%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRMW. Royal Bank of Canada restated an “outperform” rating and set a $30.00 target price on shares of Primo Water in a report on Tuesday, June 18th. StockNews.com lowered shares of Primo Water from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. TD Securities raised their target price on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. CIBC boosted their price target on Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. upped their price target on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.