B. Riley Trims Primo Water (PRMW) Target Price to $19.00

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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.

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

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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