Primo Water (NYSE:PRMW) Sees Strong Trading Volume – What’s Next?

Shares of Primo Water Co. (NYSE:PRMW) saw strong trading volume on Friday . 10,030,067 shares were traded during trading, an increase of 716% from the previous session’s volume of 1,228,735 shares.The stock last traded at $26.28 and had previously closed at $26.23.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Raymond James lowered shares of Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. William Blair assumed coverage on shares of Primo Water in a research note on Thursday, October 24th. They issued an “outperform” rating on the stock. StockNews.com lowered shares of Primo Water from a “buy” rating to a “hold” rating in a research note on Sunday, October 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Primo Water in a research note on Tuesday, October 1st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Stock Performance

The stock’s 50-day moving average price is $24.92 and its 200 day moving average price is $22.51. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market cap of $4.20 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to analyst estimates of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, equities analysts predict that Primo Water Co. will post 0.88 EPS for the current year.

Primo Water Dividend Announcement

The business also recently disclosed a — dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be issued a $0.82 dividend. The ex-dividend date is Tuesday, November 5th. This represents a dividend yield of 1.3%. Primo Water’s dividend payout ratio is currently 22.78%.

Institutional Investors Weigh In On Primo Water

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Primo Water by 311.6% during the third quarter. Principal Financial Group Inc. now owns 66,664 shares of the company’s stock worth $1,683,000 after purchasing an additional 50,468 shares during the period. Intact Investment Management Inc. lifted its position in Primo Water by 43.6% during the third quarter. Intact Investment Management Inc. now owns 1,381,240 shares of the company’s stock worth $34,849,000 after purchasing an additional 419,370 shares during the period. Phillips Wealth Planners LLC bought a new stake in Primo Water during the third quarter worth about $214,000. Financial Advocates Investment Management bought a new stake in Primo Water during the third quarter worth about $225,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Primo Water in the third quarter worth about $437,000. Institutional investors own 87.71% of the company’s stock.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.