Primo Water Corp. (PRMW) Sees Unusually-High Trading Volume on Analyst Upgrade
Shares of Primo Water Corp. (NASDAQ:PRMW) saw unusually-strong trading volume on Tuesday after Barrington Research raised their price target on the stock from $13.00 to $15.00. Barrington Research currently has an outperform rating on the stock. Approximately 172,497 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 160,253 shares.The stock last traded at $13.25 and had previously closed at $13.41.
Other equities research analysts also recently issued reports about the company. B. Riley reiterated a “buy” rating and issued a $15.00 target price on shares of Primo Water Corp. in a report on Tuesday. Zacks Investment Research upgraded Primo Water Corp. from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Friday, July 8th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $13.75.
A number of large investors have recently made changes to their positions in PRMW. Algert Global LLC boosted its stake in shares of Primo Water Corp. by 128.5% in the first quarter. Algert Global LLC now owns 25,935 shares of the company’s stock worth $262,000 after buying an additional 14,585 shares during the period. GSA Capital Partners LLP boosted its stake in shares of Primo Water Corp. by 90.9% in the second quarter. GSA Capital Partners LLP now owns 140,398 shares of the company’s stock worth $1,658,000 after buying an additional 66,846 shares during the period. California State Teachers Retirement System purchased a new stake in shares of Primo Water Corp. during the second quarter worth approximately $523,000. Geode Capital Management LLC boosted its stake in shares of Primo Water Corp. by 31.0% in the first quarter. Geode Capital Management LLC now owns 149,029 shares of the company’s stock worth $1,503,000 after buying an additional 35,225 shares during the period. Finally, Alpine Partners VI LLC purchased a new stake in shares of Primo Water Corp. during the first quarter worth approximately $106,000. 64.59% of the stock is owned by hedge funds and other institutional investors.
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The stock has a market capitalization of $348.28 million, a PE ratio of 82.59 and a beta of 0.04. The company’s 50 day moving average price is $11.83 and its 200 day moving average price is $11.42.
Primo Water Corp. (NASDAQ:PRMW) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The business earned $34.40 million during the quarter, compared to analyst estimates of $33.86 million. Primo Water Corp. had a return on equity of 22.31% and a net margin of 3.53%. Primo Water Corp.’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 EPS. Equities analysts expect that Primo Water Corp. will post $0.24 EPS for the current fiscal year.
Primo Water Corp. Company Profile
Primo Water Corporation is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. The Company conducts its operations through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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