Primo Water (NYSE:PRMW) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Primo Water (NYSE:PRMW) from a hold rating to a buy rating in a research note released on Tuesday morning.

Other analysts have also recently issued reports about the stock. CIBC increased their price objective on shares of Primo Water from $24.00 to $26.00 and gave the stock an outperformer rating in a research note on Tuesday, June 18th. TD Securities increased their price objective on shares of Primo Water from $30.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Water from $17.00 to $20.00 and gave the stock a hold rating in a research note on Friday, May 10th. Royal Bank of Canada reaffirmed an outperform rating and set a $30.00 target price on shares of Primo Water in a research note on Tuesday, June 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Primo Water from $24.00 to $26.00 and gave the company an overweight rating in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $25.83.

Primo Water Stock Up 0.4 %

PRMW opened at $22.10 on Tuesday. The firm’s 50 day simple moving average is $21.52 and its two-hundred day simple moving average is $19.95. The company has a current ratio of 2.13, a quick ratio of 2.02 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $3.55 billion, a PE ratio of 13.73, a PEG ratio of 1.62 and a beta of 1.10. Primo Water has a 1-year low of $12.92 and a 1-year high of $25.60.

Primo Water (NYSE:PRMW) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $485.00 million during the quarter, compared to analysts’ expectations of $477.40 million. Primo Water had a net margin of 12.22% and a return on equity of 9.36%. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share. As a group, equities analysts forecast that Primo Water will post 0.88 EPS for the current year.

Primo Water Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a $0.09 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.63%. Primo Water’s payout ratio is currently 22.36%.

Hedge Funds Weigh In On Primo Water

Institutional investors and hedge funds have recently made changes to their positions in the business. Tocqueville Asset Management L.P. grew its stake in shares of Primo Water by 108.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock worth $1,748,000 after buying an additional 50,000 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Primo Water by 170.4% in the 1st quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock worth $11,287,000 after buying an additional 390,611 shares in the last quarter. Strategic Wealth Partners Ltd. purchased a new position in shares of Primo Water in the 1st quarter worth $879,000. Goldman Sachs Group Inc. grew its stake in shares of Primo Water by 32.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock worth $57,945,000 after buying an additional 937,235 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. purchased a new position in shares of Primo Water in the 4th quarter worth $1,684,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

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.