Levin Capital Strategies L.P. Increases Holdings in Primo Water Co. (NYSE:PRMW)

Levin Capital Strategies L.P. grew its position in Primo Water Co. (NYSE:PRMW) by 164.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 537,804 shares of the company’s stock after buying an additional 334,685 shares during the period. Primo Water accounts for approximately 1.2% of Levin Capital Strategies L.P.’s investment portfolio, making the stock its 29th largest position. Levin Capital Strategies L.P. owned 0.33% of Primo Water worth $11,756,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cedar Wealth Management LLC acquired a new stake in shares of Primo Water during the 1st quarter worth about $27,000. CWM LLC lifted its stake in Primo Water by 36.0% during the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after purchasing an additional 631 shares in the last quarter. Crewe Advisors LLC purchased a new position in shares of Primo Water during the first quarter worth $66,000. Bayesian Capital Management LP acquired a new stake in shares of Primo Water in the first quarter valued at $235,000. Finally, Tobam raised its holdings in shares of Primo Water by 4.4% in the 1st quarter. Tobam now owns 16,780 shares of the company’s stock valued at $306,000 after buying an additional 705 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Water Trading Up 1.3 %

Shares of Primo Water stock opened at $23.58 on Tuesday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.70 and a beta of 1.10. Primo Water Co. has a 52-week low of $12.92 and a 52-week high of $25.60. The company’s 50-day simple moving average is $21.64 and its 200-day simple moving average is $20.34.

Primo Water (NYSE:PRMW) last issued its earnings results on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The business had revenue of $485.00 million during the quarter, compared to the consensus estimate of $477.40 million. During the same period in the prior year, the business posted $0.22 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts anticipate that Primo Water Co. will post 0.88 earnings per share for the current year.

Primo Water Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Thursday, August 22nd. Primo Water’s dividend payout ratio (DPR) is 22.36%.

Wall Street Analyst Weigh In

PRMW has been the topic of several recent research reports. CIBC upped their target price on shares of Primo Water from $24.00 to $26.00 and gave the stock an “outperformer” rating in a research note on Tuesday, June 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $30.00 target price on shares of Primo Water in a report on Tuesday, June 18th. JPMorgan Chase & Co. increased their price target on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a research note on Tuesday, August 27th. Finally, TD Securities lifted their price target on shares of Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.83.

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.