Shares of Primo Water Corp. (NASDAQ:PRMW) rose 2.6% on Wednesday after Barrington Research raised their price target on the stock from $13.00 to $15.00. Barrington Research currently has an outperform rating on the stock. Primo Water Corp. traded as high as $13.35 and last traded at $13.35, with a volume of 125,163 shares trading hands. The stock had previously closed at $13.01.
Several other analysts have also weighed in on PRMW. Zacks Investment Research lowered Primo Water Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 6th. B. Riley reissued a “buy” rating and issued a $13.00 price objective on shares of Primo Water Corp. in a report on Friday, July 29th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Primo Water Corp. currently has a consensus rating of “Buy” and an average price target of $13.75.
Institutional investors have recently modified their holdings of the stock. BlackRock Group LTD increased its position in shares of Primo Water Corp. by 538.8% in the first quarter. BlackRock Group LTD now owns 96,308 shares of the company’s stock worth $972,000 after buying an additional 81,231 shares during the last quarter. Menta Capital LLC bought a new position in shares of Primo Water Corp. during the first quarter worth approximately $226,000. Alpine Partners VI LLC bought a new position in shares of Primo Water Corp. during the first quarter worth approximately $106,000. Geode Capital Management LLC increased its position in shares of Primo Water Corp. by 31.0% in the first quarter. Geode Capital Management LLC now owns 149,029 shares of the company’s stock worth $1,503,000 after buying an additional 35,225 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Primo Water Corp. by 2.2% in the first quarter. Wellington Management Group LLP now owns 672,450 shares of the company’s stock worth $6,785,000 after buying an additional 14,350 shares during the last quarter. Institutional investors own 64.59% of the company’s stock.
The company has a market capitalization of $350.36 million, a P/E ratio of 83.09 and a beta of 0.04. The company’s 50-day moving average price is $11.87 and its 200 day moving average price is $11.43.
Primo Water Corp. (NASDAQ:PRMW) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.04. Primo Water Corp. had a net margin of 3.53% and a return on equity of 22.31%. The company earned $34.40 million during the quarter, compared to analysts’ expectations of $33.86 million. During the same period in the prior year, the company earned $0.03 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. Analysts predict that Primo Water Corp. will post $0.24 EPS for the current year.
About Primo Water Corp.
Primo Water Corporation is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. The Company conducts its operations through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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