Primo Water (NYSE:PRMW) Sets New 52-Week High – Time to Buy?

Primo Water Co. (NYSE:PRMW)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $25.84 and last traded at $25.77, with a volume of 257278 shares trading hands. The stock had previously closed at $25.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PRMW shares. TD Securities increased their target price on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. StockNews.com downgraded Primo Water from a “buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. increased their price target on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $30.00 price target on shares of Primo Water in a research report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Stock Performance

The stock has a fifty day simple moving average of $23.35 and a two-hundred day simple moving average of $21.57. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.87 and a beta of 1.11. 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 released its quarterly earnings data 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 company 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%. Primo Water’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. Analysts expect that Primo Water Co. will post 0.88 EPS for the current fiscal year.

Primo Water Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Primo Water by 375.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,242 shares of the company’s stock worth $31,000 after acquiring an additional 981 shares in the last quarter. Cedar Wealth Management LLC acquired a new position in Primo Water during the 1st quarter valued at about $27,000. Sound Income Strategies LLC purchased a new position in shares of Primo Water in the 3rd quarter worth approximately $48,000. CWM LLC boosted its stake in shares of Primo Water by 36.0% in the 1st quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after buying an additional 631 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new position in shares of Primo Water in the 1st quarter worth approximately $66,000. 87.71% of the stock is 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.