Equities analysts forecast that Primo Water Co. (NASDAQ:PRMW) will report sales of $69.61 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Primo Water’s earnings, with the lowest sales estimate coming in at $68.41 million and the highest estimate coming in at $70.53 million. Primo Water posted sales of $40.36 million in the same quarter last year, which suggests a positive year-over-year growth rate of 72.5%. The firm is scheduled to issue its next earnings results after the market closes on Tuesday, March 6th.
According to Zacks, analysts expect that Primo Water will report full-year sales of $69.61 million for the current fiscal year, with estimates ranging from $286.17 million to $288.29 million. For the next financial year, analysts forecast that the company will post sales of $302.51 million per share, with estimates ranging from $300.21 million to $304.72 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that cover Primo Water.
PRMW has been the subject of a number of recent research reports. Barrington Research lifted their price target on shares of Primo Water from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, November 8th. B. Riley reiterated a “buy” rating and set a $17.50 price target on shares of Primo Water in a report on Wednesday, November 8th. Zacks Investment Research upgraded shares of Primo Water from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Friday, November 10th. BidaskClub downgraded shares of Primo Water from a “hold” rating to a “sell” rating in a report on Thursday, December 14th. Finally, ValuEngine downgraded shares of Primo Water from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $17.10.
In related news, Director David L. Warnock sold 33,226 shares of the firm’s stock in a transaction that occurred on Tuesday, December 26th. The shares were sold at an average price of $12.37, for a total value of $411,005.62. Following the sale, the director now directly owns 25,157 shares of the company’s stock, valued at $311,192.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Camden Partners Strategic Fund sold 58,383 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $12.35, for a total transaction of $721,030.05. The disclosure for this sale can be found here. Insiders sold 130,295 shares of company stock worth $1,636,440 over the last three months. Corporate insiders own 15.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PRMW. Caption Management LLC acquired a new stake in shares of Primo Water in the fourth quarter worth approximately $101,000. MetLife Investment Advisors LLC acquired a new position in Primo Water during the fourth quarter valued at approximately $138,000. Driehaus Capital Management LLC acquired a new position in Primo Water during the fourth quarter valued at approximately $166,000. Nationwide Fund Advisors lifted its position in Primo Water by 17.1% during the second quarter. Nationwide Fund Advisors now owns 14,328 shares of the company’s stock valued at $182,000 after buying an additional 2,097 shares in the last quarter. Finally, Voya Investment Management LLC lifted its position in Primo Water by 16.5% during the second quarter. Voya Investment Management LLC now owns 14,347 shares of the company’s stock valued at $182,000 after buying an additional 2,028 shares in the last quarter. 68.44% of the stock is currently owned by institutional investors and hedge funds.
About Primo Water
Primo Water Corporation (Primo) provides multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. It operates through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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