Primo Brands Target of Unusually Large Options Trading (NYSE:PRMB)

Primo Brands Co. (NYSE:PRMB) was the target of unusually large options trading activity on Monday. Investors bought 3,278 call options on the stock. This is an increase of approximately 321% compared to the average daily volume of 779 call options.

Primo Brands Stock Up 1.6 %

NYSE:PRMB traded up $0.51 during trading hours on Monday, reaching $32.80. The company had a trading volume of 607,490 shares, compared to its average volume of 2,753,048. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The stock has a 50-day moving average price of $32.68. Primo Brands has a twelve month low of $24.41 and a twelve month high of $39.23.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. As a group, equities analysts predict that Primo Brands will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.10 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, March 7th.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PRMB. JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. BMO Capital Markets assumed coverage on shares of Primo Brands in a research report on Monday, January 6th. They set an “outperform” rating and a $40.00 price target on the stock. TD Securities increased their price objective on shares of Primo Brands from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Royal Bank of Canada increased their price objective on shares of Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $41.40.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRMB. Rise Advisors LLC acquired a new position in shares of Primo Brands during the fourth quarter valued at about $28,000. Fulton Bank N.A. bought a new position in shares of Primo Brands during the fourth quarter valued at about $669,000. Green Alpha Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at about $835,000. Procyon Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at about $553,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter valued at about $176,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.