Primo Water (NYSE:PRMW) Announces Earnings Results

Primo Water (NYSE:PRMW – Get Rating) announced its earnings results on Thursday. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02, MarketWatch Earnings reports. The company had revenue of $526.10 million during the quarter, compared to analyst estimates of $516.19 million. Primo Water had a negative net margin of 0.15% and a positive return on equity of 5.33%. Primo Water’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Primo Water updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Shares of NYSE PRMW opened at $14.12 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.72 and a quick ratio of 0.58. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -706.00 and a beta of 1.33. The stock’s 50-day moving average is $14.33 and its two-hundred day moving average is $16.05. Primo Water has a 1-year low of $13.34 and a 1-year high of $20.12.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 22nd. Investors of record on Friday, June 10th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $0.28 annualized dividend and a yield of 1.98%. Primo Water’s payout ratio is -1,400.00%.

A number of equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Primo Water from a “strong sell” rating to a “hold” rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft dropped their price objective on Primo Water from $18.00 to $16.00 in a research note on Friday. TD Securities lowered their target price on Primo Water from $23.00 to $21.00 and set a “buy” rating for the company in a report on Friday, February 25th. Finally, Citigroup cut their price target on shares of Primo Water from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.80.

In other Primo Water news, Director Steven P. Stanbrook bought 3,362 shares of the business’s stock in a transaction dated Monday, February 28th. The shares were acquired at an average price of $14.37 per share, with a total value of $48,311.94. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Jay Wells purchased 10,000 shares of the stock in a transaction that occurred on Monday, March 7th. The stock was acquired at an average cost of $13.81 per share, with a total value of $138,100.00. The disclosure for this purchase can be found here. Company insiders own 5.90% of the company’s stock.

Large investors have recently modified their holdings of the company. Ancora Advisors LLC acquired a new position in shares of Primo Water in the 1st quarter valued at $36,000. Bridgefront Capital LLC acquired a new stake in shares of Primo Water during the first quarter worth about $177,000. Levin Capital Strategies L.P. purchased a new stake in shares of Primo Water in the 4th quarter valued at about $247,000. Sei Investments Co. boosted its position in shares of Primo Water by 13.2% in the 4th quarter. Sei Investments Co. now owns 27,516 shares of the company’s stock valued at $485,000 after purchasing an additional 3,213 shares during the period. Finally, Susquehanna International Group LLP grew its stake in Primo Water by 135.5% during the 4th quarter. Susquehanna International Group LLP now owns 28,773 shares of the company’s stock worth $507,000 after buying an additional 16,555 shares during the last quarter. Institutional investors and hedge funds own 93.36% of the company’s stock.

About Primo Water (Get Rating)

Primo Water Corporation provides water direct to consumers and water filtration services in North America and Europe. It offers bottled water, purified bottled water, premium spring, sparkling and flavored water, mineral water, filtration equipment, and coffee; as well as water dispensers, and self-service refill drinking water.

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