Primo Water (PRMW) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Primo Water (NASDAQ:PRMW) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

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. “

PRMW has been the topic of a number of other reports. Imperial Capital started coverage on shares of Primo Water in a report on Friday, November 16th. They issued an outperform rating and a $18.00 target price on the stock. BidaskClub cut shares of Primo Water from a buy rating to a hold rating in a report on Saturday, January 5th. ValuEngine raised shares of Primo Water from a hold rating to a buy rating in a report on Saturday, December 15th. Barrington Research reiterated a buy rating and issued a $21.00 price objective on shares of Primo Water in a research report on Wednesday, October 17th. Finally, BMO Capital Markets upgraded shares of Primo Water from a market perform rating to an outperform rating and lifted their price objective for the company from $15.00 to $17.00 in a research report on Friday, November 16th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Primo Water has a consensus rating of Buy and a consensus price target of $19.20.

Shares of Primo Water stock traded up $0.33 during trading on Tuesday, reaching $14.50. The company’s stock had a trading volume of 8,535 shares, compared to its average volume of 273,051. The stock has a market capitalization of $574.94 million, a price-to-earnings ratio of -51.64, a PEG ratio of 2.52 and a beta of 0.58. Primo Water has a fifty-two week low of $11.16 and a fifty-two week high of $20.72. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.94 and a quick ratio of 0.73.

Primo Water (NASDAQ:PRMW) last announced its earnings results on Tuesday, November 6th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $81.80 million for the quarter, compared to analysts’ expectations of $83.26 million. Primo Water had a negative net margin of 17.88% and a positive return on equity of 10.31%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. Analysts anticipate that Primo Water will post 0.32 earnings per share for the current year.

In other Primo Water news, VP Michael Cauthen sold 1,859 shares of the business’s stock in a transaction on Monday, January 7th. The shares were sold at an average price of $14.53, for a total transaction of $27,011.27. Following the sale, the vice president now directly owns 5,456 shares in the company, valued at approximately $79,275.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.50% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Federated Investors Inc. PA boosted its position in shares of Primo Water by 229.7% during the 3rd quarter. Federated Investors Inc. PA now owns 1,375 shares of the company’s stock worth $25,000 after purchasing an additional 958 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Primo Water by 24.3% during the 3rd quarter. Legal & General Group Plc now owns 4,917 shares of the company’s stock worth $89,000 after purchasing an additional 962 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Primo Water during the 2nd quarter worth $214,000. IFG Advisory LLC purchased a new stake in shares of Primo Water during the 3rd quarter worth $225,000. Finally, Wakefield Asset Management LLLP purchased a new stake in shares of Primo Water in the 3rd quarter worth about $240,000. Institutional investors own 75.84% of the company’s stock.

Primo Water Company 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.

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