Zacks: Brokerages Expect Primo Water Co. (PRMW) Will Post Quarterly Sales of $83.00 Million

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Equities analysts forecast that Primo Water Co. (NASDAQ:PRMW) will announce $83.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Primo Water’s earnings, with the lowest sales estimate coming in at $82.50 million and the highest estimate coming in at $83.51 million. Primo Water posted sales of $82.21 million during the same quarter last year, which would indicate a positive year over year growth rate of 1%. The business is expected to report its next earnings report on Tuesday, November 6th.

On average, analysts expect that Primo Water will report full year sales of $307.10 million for the current financial year, with estimates ranging from $305.00 million to $308.20 million. For the next year, analysts forecast that the business will post sales of $324.39 million, with estimates ranging from $321.00 million to $326.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Primo Water.

Primo Water (NASDAQ:PRMW) last issued its earnings results on Tuesday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.04. Primo Water had a net margin of 3.21% and a return on equity of 8.21%. The firm had revenue of $75.80 million for the quarter, compared to analysts’ expectations of $72.96 million.

PRMW has been the topic of several recent analyst reports. BidaskClub cut shares of Primo Water from a “hold” rating to a “sell” rating in a report on Saturday, September 22nd. Zacks Investment Research upgraded shares of Primo Water from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Saturday, August 11th. Barrington Research raised their target price on shares of Primo Water from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, August 8th. Finally, BMO Capital Markets raised their target price on shares of Primo Water from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Wednesday, August 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $20.75.

Shares of Primo Water stock traded up $0.24 on Wednesday, hitting $15.84. The stock had a trading volume of 275,718 shares, compared to its average volume of 284,979. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 1.06. Primo Water has a one year low of $10.47 and a one year high of $20.72. The stock has a market capitalization of $680.40 million, a price-to-earnings ratio of -56.57, a P/E/G ratio of 3.96 and a beta of 0.49.

In related news, Director Charles A. Norris sold 25,000 shares of Primo Water stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $20.00, for a total value of $500,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Cauthen sold 1,377 shares of Primo Water stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $19.56, for a total transaction of $26,934.12. Following the completion of the sale, the vice president now owns 6,159 shares in the company, valued at approximately $120,470.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,509 shares of company stock worth $4,895,288. 13.50% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in Primo Water by 15.9% in the second quarter. Rhumbline Advisers now owns 26,460 shares of the company’s stock valued at $463,000 after acquiring an additional 3,626 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in Primo Water in the second quarter valued at $208,000. Allianz Asset Management GmbH boosted its holdings in Primo Water by 3.2% in the first quarter. Allianz Asset Management GmbH now owns 247,576 shares of the company’s stock valued at $2,899,000 after acquiring an additional 7,649 shares in the last quarter. Martingale Asset Management L P purchased a new position in Primo Water during the second quarter valued at $186,000. Finally, Schwab Charles Investment Management Inc. lifted its position in Primo Water by 20.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 63,921 shares of the company’s stock valued at $1,118,000 after buying an additional 10,716 shares during the period. Institutional investors and hedge funds own 74.18% of the company’s stock.

About Primo Water

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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