Primo Water (PRMW) Lowered to “Sell” at Zacks Investment Research

Primo Water (NASDAQ:PRMW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

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. “

A number of other equities research analysts also recently issued reports on the company. BMO Capital Markets boosted their price target on Primo Water from $16.00 to $18.00 and gave the company a “market perform” rating in a research report on Wednesday, August 8th. Barrington Research boosted their price target on Primo Water from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, August 8th. BidaskClub raised Primo Water from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. B. Riley lowered their price target on Primo Water from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, November 7th. Finally, ValuEngine downgraded Primo Water from a “buy” rating to a “hold” rating in a research report on Wednesday, November 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Primo Water has an average rating of “Buy” and an average price target of $19.20.

Primo Water stock opened at $14.85 on Friday. The firm has a market capitalization of $572.24 million, a P/E ratio of 59.40, a price-to-earnings-growth ratio of 3.87 and a beta of 0.61. Primo Water has a 52 week low of $11.16 and a 52 week high of $20.72. The company has a quick ratio of 0.73, a current ratio of 0.94 and a debt-to-equity ratio of 1.94.

Primo Water (NASDAQ:PRMW) last released its earnings results on Tuesday, November 6th. The company reported $0.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. The firm 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 10.31% and a negative net margin of 17.88%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.15 earnings per share. Research analysts predict that Primo Water will post 0.32 EPS for the current year.

In other Primo Water news, Director Charles A. Norris sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $20.00, for a total transaction of $500,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles A. Norris sold 43,454 shares of the business’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $19.74, for a total value of $857,781.96. Following the sale, the director now directly owns 4,282 shares of the company’s stock, valued at approximately $84,526.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 217,132 shares of company stock valued at $4,358,104. 13.50% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of PRMW. Vanguard Group Inc. boosted its position in shares of Primo Water by 3.6% in the third quarter. Vanguard Group Inc. now owns 1,460,570 shares of the company’s stock worth $26,363,000 after buying an additional 51,372 shares during the period. B. Riley Financial Inc. boosted its position in shares of Primo Water by 19.3% in the third quarter. B. Riley Financial Inc. now owns 27,696 shares of the company’s stock worth $500,000 after buying an additional 4,471 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Primo Water by 63.9% in the third quarter. TIAA CREF Investment Management LLC now owns 309,697 shares of the company’s stock worth $5,590,000 after buying an additional 120,752 shares during the period. Teachers Advisors LLC boosted its position in shares of Primo Water by 21.0% in the third quarter. Teachers Advisors LLC now owns 92,488 shares of the company’s stock worth $1,669,000 after buying an additional 16,023 shares during the period. Finally, Wakefield Asset Management LLLP purchased a new stake in shares of Primo Water in the third quarter worth about $240,000. 78.29% of the stock is owned by hedge funds and other institutional investors.

About Primo Water

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.

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