UBS Asset Management Americas Inc. Sells 357,424 Shares of Primo Water Co. (NYSE:PRMW)

Posted by Defense World Staff on Mar 14th, 2023

UBS Asset Management Americas Inc. lessened its holdings in Primo Water Co. (NYSE:PRMW – Get Rating) by 12.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,554,567 shares of the company’s stock after selling 357,424 shares during the quarter. UBS Asset Management Americas Inc. owned 1.60% of Primo Water worth $32,060,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRMW. BlackRock Inc. increased its holdings in Primo Water by 24.7% in the 3rd quarter. BlackRock Inc. now owns 11,600,023 shares of the company’s stock valued at $145,580,000 after buying an additional 2,296,515 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Primo Water by 9.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,581,085 shares of the company’s stock valued at $165,030,000 after purchasing an additional 1,031,066 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Primo Water by 85.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,678,042 shares of the company’s stock valued at $23,913,000 after purchasing an additional 772,300 shares in the last quarter. EVR Research LP boosted its stake in shares of Primo Water by 267.5% in the 1st quarter. EVR Research LP now owns 735,000 shares of the company’s stock valued at $10,474,000 after purchasing an additional 535,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Primo Water in the 3rd quarter valued at $6,521,000. Institutional investors own 88.68% of the company’s stock.

Primo Water Stock Down 0.7 %

Shares of NYSE PRMW opened at $14.48 on Tuesday. The firm’s 50-day simple moving average is $15.54 and its 200 day simple moving average is $14.73. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 76.21 and a beta of 1.05. The company has a quick ratio of 0.60, a current ratio of 0.76 and a debt-to-equity ratio of 0.98. Primo Water Co. has a 12-month low of $12.15 and a 12-month high of $16.47.

Primo Water Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 27th. Investors of record on Friday, March 10th will be given a dividend of $0.08 per share. This is an increase from Primo Water’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, March 9th. This represents a $0.32 annualized dividend and a yield of 2.21%. Primo Water’s dividend payout ratio is 168.42%.

Insider Buying and Selling

In related news, Director Jeremy S. G. Fowden sold 3,760 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $16.00, for a total transaction of $60,160.00. Following the transaction, the director now owns 1,268,770 shares in the company, valued at approximately $20,300,320. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Primo Water news, Director Jeremy S. G. Fowden sold 90,463 shares of the company’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $16.12, for a total transaction of $1,458,263.56. Following the transaction, the director now directly owns 1,268,770 shares in the company, valued at approximately $20,452,572.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeremy S. G. Fowden sold 3,760 shares of the company’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $16.00, for a total transaction of $60,160.00. Following the transaction, the director now owns 1,268,770 shares in the company, valued at $20,300,320. The disclosure for this sale can be found here. Insiders have sold a total of 141,853 shares of company stock worth $2,280,980 in the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Analysts Set New Price Targets

PRMW has been the topic of several recent analyst reports. TheStreet upgraded shares of Primo Water from a “c” rating to a “b-” rating in a research note on Thursday, February 23rd. CIBC downgraded shares of Primo Water from a “sector outperform” rating to a “neutral” rating in a research note on Friday, February 24th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.33.

Primo Water Profile

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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 water, filtration equipment, and coffee. The company offers its products under the Primo, Alhambra, Crystal Rock, Mountain Valley, Deep Rock, Hinckley Springs, Crystal Springs, Kentwood Springs, Mount Olympus, Pureflo, Nursery, Sierra Springs, Sparkletts, Clear Mountain Natural Spring Water, Earth2O, Renü, and Water Event Pure Water Solutions brands in the United States; Canadian Springs and Labrador Source brands in Canada; and Decantae, Eden, Eden Springs, Chateaud'eau, and Mey Eden brands in Europe and Israel.

Institutional Ownership by Quarter for Primo Water (NYSE:PRMW)

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