Primo Water (NYSE:PRMW) Trading 5.3% Higher

Primo Water Co. (NYSE:PRMW)’s stock price rose 5.3% during trading on Thursday . The company traded as high as $23.06 and last traded at $23.02. Approximately 178,488 shares were traded during trading, a decline of 85% from the average daily volume of 1,169,035 shares. The stock had previously closed at $21.87.

Analyst Ratings Changes

PRMW has been the topic of a number of recent analyst reports. StockNews.com raised Primo Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Primo Water from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. 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, June 18th. TD Securities boosted 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. Finally, CIBC increased their target price on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Stock Down 2.3 %

The business’s 50 day simple moving average is $21.59 and its 200-day simple moving average is $20.21. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.10.

Primo Water (NYSE:PRMW) last issued its earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 earnings per share. Sell-side analysts expect that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Dividend Announcement

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. The ex-dividend date was Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.55%. Primo Water’s dividend payout ratio is currently 22.36%.

Hedge Funds Weigh In On Primo Water

Several institutional investors have recently bought and sold shares of the stock. Creative Planning raised its position in shares of Primo Water by 8.8% in the second quarter. Creative Planning now owns 17,301 shares of the company’s stock valued at $378,000 after purchasing an additional 1,402 shares during the period. Mackenzie Financial Corp lifted its position in Primo Water by 77.2% during the 2nd quarter. Mackenzie Financial Corp now owns 334,193 shares of the company’s stock worth $7,305,000 after acquiring an additional 145,561 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Primo Water by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 189,637 shares of the company’s stock worth $4,141,000 after acquiring an additional 4,008 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Primo Water by 4.6% during the second quarter. AQR Capital Management LLC now owns 55,382 shares of the company’s stock valued at $1,211,000 after acquiring an additional 2,435 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Primo Water in the second quarter valued at about $838,000. 87.71% of the stock is currently owned by 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.