Primo Water (PRMW) Shares Down 19.1% on Analyst Downgrade

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Primo Water Co. (NASDAQ:PRMW) fell 19.1% on Wednesday after B. Riley lowered their price target on the stock from $22.00 to $19.00. B. Riley currently has a buy rating on the stock. Primo Water traded as low as $13.69 and last traded at $14.37. 2,046,720 shares traded hands during mid-day trading, an increase of 609% from the average session volume of 288,587 shares. The stock had previously closed at $17.77.

A number of other equities research analysts have also weighed in on the company. Barrington Research reissued a “buy” rating and issued a $20.00 target price on shares of Primo Water in a research note on Wednesday. BidaskClub raised Primo Water from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. BMO Capital Markets lowered their target price on Primo Water from $18.00 to $17.00 and set a “market perform” rating for the company in a research note on Wednesday, October 24th. Finally, Zacks Investment Research lowered Primo Water from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $19.50.

In other Primo Water news, Director Charles A. Norris sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $20.41, for a total transaction of $510,250.00. Following the completion of the transaction, the director now owns 167,556 shares of the company’s stock, valued at approximately $3,419,817.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles A. Norris sold 43,454 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $19.74, for a total value of $857,781.96. Following the transaction, the director now directly owns 4,282 shares of the company’s stock, valued at approximately $84,526.68. The disclosure for this sale can be found here. Insiders have sold a total of 243,509 shares of company stock valued at $4,895,288 in the last ninety days. 13.50% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRMW. BlackRock Inc. raised its position in Primo Water by 5.6% during the 1st quarter. BlackRock Inc. now owns 1,462,268 shares of the company’s stock valued at $17,123,000 after purchasing an additional 77,326 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Primo Water by 16.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 793,187 shares of the company’s stock valued at $9,288,000 after purchasing an additional 110,186 shares during the last quarter. A.R.T. Advisors LLC bought a new position in Primo Water during the 1st quarter valued at approximately $210,000. Allianz Asset Management GmbH raised its position in Primo Water by 3.2% during the 1st quarter. Allianz Asset Management GmbH now owns 247,576 shares of the company’s stock valued at $2,899,000 after purchasing an additional 7,649 shares during the last quarter. Finally, Bank of Montreal Can raised its position in Primo Water by 5,864.6% during the 2nd quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock valued at $200,000 after purchasing an additional 11,260 shares during the last quarter. 74.07% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $652.51 million, a P/E ratio of -51.32, a P/E/G ratio of 3.80 and a beta of 0.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.06 and a quick ratio of 0.88.

Primo Water (NASDAQ:PRMW) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. Primo Water had a return on equity of 8.21% and a net margin of 3.21%. The business had revenue of $81.80 million during the quarter, compared to analyst estimates of $83.26 million. During the same quarter in the prior year, the company posted $0.15 EPS. Primo Water’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts predict that Primo Water Co. will post 0.38 earnings per share for the current year.

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About Primo Water (NASDAQ:PRMW)

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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