Primo Water (NYSE:PRMW) Hits New 1-Year High After Dividend Announcement

Shares of Primo Water Co. (NYSE:PRMW) reached a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $26.60 and last traded at $26.60, with a volume of 996 shares changing hands. The stock had previously closed at $26.26.

The newly announced dividend which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be issued a $0.82 dividend. This represents a dividend yield of 1.3%. The ex-dividend date is Tuesday, November 5th. Primo Water’s payout ratio is currently 22.36%.

Analyst Upgrades and Downgrades

PRMW has been the topic of a number of recent research reports. Raymond James downgraded Primo Water from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. StockNews.com lowered shares of Primo Water from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of Primo Water in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Trading Up 1.2 %

The stock has a 50-day moving average price of $23.72 and a two-hundred day moving average price of $21.82. The stock has a market capitalization of $4.33 billion, a PE ratio of 16.73, a PEG ratio of 1.89 and a beta of 1.11. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Water (NYSE:PRMW) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $485.00 million during 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 company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.22 earnings per share. As a group, equities analysts forecast that Primo Water Co. will post 0.88 earnings per share for the current year.

Institutional Investors Weigh In On Primo Water

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in Primo Water by 375.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,242 shares of the company’s stock valued at $31,000 after purchasing an additional 981 shares during the period. Cedar Wealth Management LLC bought a new stake in shares of Primo Water during the first quarter valued at approximately $27,000. Sound Income Strategies LLC bought a new stake in shares of Primo Water during the third quarter valued at approximately $48,000. CWM LLC lifted its holdings in shares of Primo Water by 36.0% in the first quarter. CWM LLC now owns 2,384 shares of the company’s stock worth $43,000 after buying an additional 631 shares in the last quarter. Finally, Crewe Advisors LLC bought a new position in shares of Primo Water during the first quarter worth $66,000. 87.71% of the stock is owned by institutional investors.

Primo Water Company Profile

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.