Primo Water Corporation (PRMW) Issues Earnings Results
Primo Water Corporation (NASDAQ:PRMW) issued its quarterly earnings results on Tuesday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.09, Morningstar.com reports. The firm had revenue of $74.80 million for the quarter, compared to the consensus estimate of $73.20 million. Primo Water Corporation had a negative net margin of 11.02% and a negative return on equity of 38.63%. The business’s revenue for the quarter was up 117.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 earnings per share.
Shares of Primo Water Corporation (NASDAQ:PRMW) opened at 12.02 on Wednesday. The stock’s 50 day moving average price is $12.86 and its 200-day moving average price is $13.05. The firm’s market cap is $359.22 million. Primo Water Corporation has a 12 month low of $10.74 and a 12 month high of $15.39.
A number of brokerages have issued reports on PRMW. Zacks Investment Research lowered Primo Water Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Barrington Research increased their price target on Primo Water Corporation from $16.50 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, May 10th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Primo Water Corporation in a research note on Friday, June 9th. BidaskClub raised Primo Water Corporation from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, ValuEngine raised Primo Water Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.10.
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In related news, insider Camden Partners Strategic Fund sold 7,985 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $13.50, for a total value of $107,797.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders purchased 2,750 shares of company stock valued at $30,050. 15.80% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Royce & Associates LP raised its stake in shares of Primo Water Corporation by 42.2% in the second quarter. Royce & Associates LP now owns 226,900 shares of the company’s stock worth $2,882,000 after buying an additional 67,300 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its stake in shares of Primo Water Corporation by 61.2% in the second quarter. Kayne Anderson Capital Advisors LP now owns 111,344 shares of the company’s stock worth $1,413,000 after buying an additional 42,274 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Primo Water Corporation during the second quarter worth $7,010,000. Marshall Wace North America L.P. bought a new stake in shares of Primo Water Corporation during the second quarter worth $1,202,000. Finally, Blair William & Co. IL bought a new stake in shares of Primo Water Corporation during the second quarter worth $288,000. 58.01% of the stock is owned by institutional investors and hedge funds.
Primo Water Corporation Company Profile
Primo Water Corporation (Primo) provides 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. It operates through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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