Raymond James Initiates Coverage on Primo Water (NASDAQ:PRMW)

Raymond James began coverage on shares of Primo Water (NASDAQ:PRMW) in a research note released on Monday, The Fly reports. The firm issued an outperform rating and a $17.00 price objective on the stock.

A number of other research analysts also recently commented on the company. Royal Bank of Canada reiterated a buy rating on shares of Primo Water in a research report on Monday, August 10th. Citigroup increased their target price on Primo Water from $16.00 to $17.00 and gave the company a buy rating in a research report on Monday, August 10th. Zacks Investment Research upgraded Primo Water from a sell rating to a hold rating in a research report on Friday, June 26th. TD Securities increased their target price on Primo Water from $14.00 to $17.00 and gave the company a buy rating in a research report on Tuesday, June 30th. Finally, BidaskClub upgraded Primo Water from a strong sell rating to a sell rating in a research report on Tuesday, September 15th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $15.43.

PRMW stock opened at $13.71 on Monday. Primo Water has a 1-year low of $6.33 and a 1-year high of $16.00. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.92 and a quick ratio of 0.70. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 152.35, a PEG ratio of 4.62 and a beta of 0.77. The business has a 50 day simple moving average of $14.28 and a two-hundred day simple moving average of $12.32.

Primo Water (NASDAQ:PRMW) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.06. Primo Water had a return on equity of 7.11% and a net margin of 1.29%. The business had revenue of $456.80 million during the quarter, compared to the consensus estimate of $448.21 million. Sell-side analysts anticipate that Primo Water will post 0.12 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a $0.06 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $0.24 dividend on an annualized basis and a yield of 1.75%. Primo Water’s payout ratio is 70.59%.

Several institutional investors have recently made changes to their positions in PRMW. US Bancorp DE boosted its holdings in Primo Water by 89.2% in the second quarter. US Bancorp DE now owns 2,630 shares of the company’s stock worth $36,000 after acquiring an additional 1,240 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Primo Water in the first quarter worth about $40,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Primo Water in the first quarter worth about $52,000. Philadelphia Trust Co. purchased a new position in shares of Primo Water in the first quarter worth about $92,000. Finally, Prudential Financial Inc. purchased a new position in shares of Primo Water in the second quarter worth about $147,000. Hedge funds and other institutional investors own 85.03% 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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Analyst Recommendations for Primo Water (NASDAQ:PRMW)

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