Bank of America Corp DE Has $1.97 Million Stake in Primo Water Co. (PRMW)

Bank of America Corp DE lifted its stake in Primo Water Co. (NASDAQ:PRMW) by 1,129.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,898 shares of the company’s stock after acquiring an additional 103,714 shares during the period. Bank of America Corp DE owned approximately 0.30% of Primo Water worth $1,974,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PRMW. 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 shares of Primo Water in the second quarter worth $198,000. Bank of Montreal Can boosted its holdings in shares of Primo Water by 5,864.6% in the second quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock worth $200,000 after acquiring an additional 11,260 shares during the period. Cornerstone Wealth Management LLC bought a new position in shares of Primo Water in the second quarter worth $208,000. Finally, GSA Capital Partners LLP bought a new position in shares of Primo Water in the second quarter worth $259,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have recently commented on PRMW. Zacks Investment Research raised Primo Water from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Wednesday, August 29th. BidaskClub raised Primo Water from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Barrington Research raised their price target on Primo Water from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, August 8th. BMO Capital Markets raised their price target on Primo Water from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Wednesday, August 8th. Finally, B. Riley cut their price target on Primo Water from $22.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $19.50.

In related news, VP Michael Cauthen sold 1,377 shares of Primo Water stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $19.56, for a total transaction of $26,934.12. Following the completion of the sale, the vice president now owns 6,159 shares of the company’s stock, valued at $120,470.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles A. Norris sold 148,678 shares of Primo Water stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $20.18, for a total value of $3,000,322.04. Following the sale, the director now directly owns 4,282 shares of the company’s stock, valued at approximately $86,410.76. The disclosure for this sale can be found here. Insiders have sold 243,509 shares of company stock valued at $4,895,288 in the last three months. 13.50% of the stock is owned by corporate insiders.

NASDAQ:PRMW opened at $14.63 on Friday. The firm has a market cap of $541.68 million, a P/E ratio of -52.25, a price-to-earnings-growth ratio of 3.15 and a beta of 0.61. Primo Water Co. has a 52-week low of $11.16 and a 52-week high of $20.72. 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 (NASDAQ:PRMW) last posted its quarterly earnings data on Tuesday, November 6th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. The company had revenue of $81.80 million during the quarter, compared to analyst estimates of $83.26 million. Primo Water had a positive return on equity of 10.19% and a negative net margin of 17.88%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. Equities research analysts anticipate that Primo Water Co. will post 0.38 EPS for the current year.

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Primo Water 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.

Read More: Earnings Per Share (EPS)

Institutional Ownership by Quarter for Primo Water (NASDAQ:PRMW)

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