Primo Water (PRMW) Shares Gap Down After Analyst Downgrade

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Primo Water Co. (NASDAQ:PRMW) gapped down prior to trading on Thursday after ValuEngine downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $14.74, but opened at $14.37. Primo Water shares last traded at $14.41, with a volume of 16624 shares traded.

A number of other research analysts have also recently weighed in on the stock. B. Riley dropped their target price on shares of Primo Water from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday. Barrington Research reiterated a “buy” rating and issued a $20.00 target price on shares of Primo Water in a research note on Wednesday. BidaskClub upgraded shares of Primo Water from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. BMO Capital Markets dropped their target price on shares of Primo Water from $18.00 to $17.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 24th. Finally, Zacks Investment Research cut shares of Primo Water from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $19.50.

In other Primo Water news, VP Michael Cauthen sold 1,377 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $19.56, for a total value of $26,934.12. Following the transaction, the vice president now directly owns 6,159 shares in the company, valued at $120,470.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles A. Norris sold 25,000 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were 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 in the company, valued at $3,419,817.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 243,509 shares of company stock worth $4,895,288. Corporate insiders own 13.50% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American International Group Inc. grew its holdings in Primo Water by 23.0% in the 3rd quarter. American International Group Inc. now owns 21,752 shares of the company’s stock worth $393,000 after acquiring an additional 4,066 shares during the last quarter. BlackRock Inc. grew its holdings in Primo Water by 22.5% in the 3rd quarter. BlackRock Inc. now owns 2,211,916 shares of the company’s stock worth $39,926,000 after acquiring an additional 406,920 shares during the last quarter. Martingale Asset Management L P grew its holdings in Primo Water by 460.8% in the 3rd quarter. Martingale Asset Management L P now owns 59,511 shares of the company’s stock worth $1,075,000 after acquiring an additional 48,900 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in Primo Water by 1.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 362,221 shares of the company’s stock worth $6,538,000 after acquiring an additional 4,919 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Primo Water by 1,225.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,223,762 shares of the company’s stock worth $22,089,000 after acquiring an additional 1,131,412 shares during the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.

The firm has a market capitalization of $669.85 million, a PE ratio of -52.25, a price-to-earnings-growth ratio of 3.90 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24.

Primo Water (NASDAQ:PRMW) last announced its quarterly earnings results on Tuesday, November 6th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $81.80 million for the quarter, compared to analyst estimates of $83.26 million. Primo Water had a negative net margin of 17.88% and a positive return on equity of 10.19%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS. Equities analysts anticipate that Primo Water Co. will post 0.38 earnings per share for the current year.

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Primo Water Company Profile (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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