Point72 Asia Singapore Pte. Ltd. Cuts Stake in Primo Water Co. (NYSE:PRMW)

Point72 Asia Singapore Pte. Ltd. trimmed its position in shares of Primo Water Co. (NYSE:PRMW) by 56.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,791 shares of the company’s stock after selling 4,839 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Primo Water were worth $83,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PRMW. CIBC Asset Management Inc boosted its stake in shares of Primo Water by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 157,462 shares of the company’s stock worth $2,380,000 after buying an additional 4,411 shares during the last quarter. Gabelli Funds LLC lifted its stake in shares of Primo Water by 7.7% in the 4th quarter. Gabelli Funds LLC now owns 140,000 shares of the company’s stock worth $2,107,000 after purchasing an additional 10,000 shares during the period. Neuberger Berman Group LLC bought a new position in shares of Primo Water in the 4th quarter worth approximately $310,000. Goldman Sachs Group Inc. boosted its holdings in shares of Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after buying an additional 937,235 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Primo Water by 13.0% during the fourth quarter. Wellington Management Group LLP now owns 2,713,866 shares of the company’s stock valued at $40,844,000 after buying an additional 312,815 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PRMW shares. Raymond James downgraded shares of Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday. StockNews.com upgraded Primo Water from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. CIBC boosted their price target on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a research note on Tuesday. Finally, TD Securities lifted their price objective on Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Trading Up 0.9 %

Shares of PRMW opened at $25.19 on Friday. Primo Water Co. has a 1 year low of $12.92 and a 1 year high of $25.67. The company has a 50 day simple moving average of $22.99 and a two-hundred day simple moving average of $21.31. 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 firm has a market cap of $4.05 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 1.87 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. The firm 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 company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS. On average, equities analysts expect that Primo Water Co. will post 0.88 earnings per share for the current fiscal year.

Primo Water Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a dividend of $0.09 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.43%. Primo Water’s dividend payout ratio is presently 22.36%.

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.