Primo Water (NASDAQ:PRMW) had its price objective cut by B. Riley from $22.00 to $19.00 in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have a buy rating on the stock. B. Riley also issued estimates for Primo Water’s Q1 2019 earnings at $0.08 EPS, Q2 2019 earnings at $0.13 EPS, Q3 2019 earnings at $0.24 EPS and Q4 2019 earnings at $0.14 EPS.
A number of other equities research analysts have also recently issued reports on PRMW. BidaskClub cut shares of Primo Water from a buy rating to a hold rating in a report on Wednesday, July 11th. Zacks Investment Research raised shares of Primo Water from a hold rating to a buy rating and set a $19.00 target price on the stock in a report on Thursday, July 12th. BMO Capital Markets boosted their target price on shares of Primo Water from $16.00 to $18.00 and gave the company a market perform rating in a report on Wednesday, August 8th. Finally, Barrington Research boosted their target price on shares of Primo Water from $20.00 to $21.00 and gave the company an outperform rating in a report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Primo Water currently has an average rating of Hold and an average price target of $19.50.
PRMW stock traded down $0.02 during midday trading on Wednesday, reaching $14.63. 461,717 shares of the company’s stock traded hands, compared to its average volume of 320,316. 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 has a 52 week low of $11.16 and a 52 week high of $20.72. The stock has a market capitalization of $541.68 million, a price-to-earnings ratio of -52.25, a PEG ratio of 3.15 and a beta of 0.61.
In other news, VP Michael Cauthen sold 1,377 shares of the company’s stock in a transaction on 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 owns 6,159 shares of the company’s stock, valued at $120,470.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles A. Norris sold 43,454 shares of the company’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $19.74, for a total transaction of $857,781.96. Following the completion of the transaction, the director now directly owns 4,282 shares in the company, valued at approximately $84,526.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 243,509 shares of company stock worth $4,895,288. Insiders own 13.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Martingale Asset Management L P bought a new position in shares of Primo Water in the second quarter worth $186,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Primo Water in the second quarter valued at $198,000. Bank of Montreal Can increased its stake in Primo Water by 5,864.6% in the second quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock valued at $200,000 after acquiring an additional 11,260 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in Primo Water in the second quarter valued at $208,000. Finally, Paloma Partners Management Co bought a new position in Primo Water in the second quarter valued at $214,000. 74.07% of the stock is currently owned by hedge funds and other institutional investors.
Primo Water Company Profile
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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