Zacks Investment Research downgraded shares of Primo Water Co. (NASDAQ:PRMW) from a hold rating to a strong sell rating in a report published on Thursday.
According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “
Other equities analysts have also issued research reports about the stock. B. Riley restated a buy rating and set a $16.50 target price on shares of Primo Water in a report on Tuesday, March 14th. BMO Capital Markets restated a market perform rating and set a $15.00 target price on shares of Primo Water in a report on Monday, April 3rd. Barrington Research lifted their target price on shares of Primo Water from $16.50 to $17.00 and gave the company an outperform rating in a report on Wednesday. Finally, Lake Street Capital restated a buy rating and set a $20.00 target price (up previously from $16.50) on shares of Primo Water in a report on Thursday, March 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $17.10.
Primo Water (NASDAQ:PRMW) traded down 0.78% on Thursday, reaching $11.45. The company’s stock had a trading volume of 158,905 shares. The stock’s market capitalization is $338.61 million. The firm has a 50 day moving average price of $12.54 and a 200 day moving average price of $13.12. Primo Water has a 52 week low of $10.25 and a 52 week high of $15.39.
Primo Water (NASDAQ:PRMW) last posted its earnings results on Tuesday, May 9th. The company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.09. The business had revenue of $60.70 million for the quarter, compared to analyst estimates of $64.56 million. Primo Water had a net margin of 4.34% and a return on equity of 24.69%. The business’s revenue was up 88.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, equities analysts anticipate that Primo Water will post $0.01 EPS for the current year.
In related news, insider Camden Partners Strategic Fund sold 13,249 shares of Primo Water stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $13.85, for a total transaction of $183,498.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 18.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Elk Creek Partners LLC purchased a new position in shares of Primo Water during the first quarter worth approximately $7,216,000. Eagle Asset Management Inc. bought a new stake in Primo Water during the first quarter valued at $5,373,000. SG Capital Management LLC increased its stake in Primo Water by 156.4% in the third quarter. SG Capital Management LLC now owns 525,700 shares of the company’s stock valued at $6,377,000 after buying an additional 320,647 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Primo Water during the fourth quarter valued at $2,941,000. Finally, Cortina Asset Management LLC increased its stake in Primo Water by 91.8% in the fourth quarter. Cortina Asset Management LLC now owns 432,436 shares of the company’s stock valued at $5,310,000 after buying an additional 206,951 shares during the last quarter. Hedge funds and other institutional investors own 56.78% of the company’s stock.
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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