Primo Water (PRMW) Downgraded to “Hold” at ValuEngine

Primo Water (NASDAQ:PRMW) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Other research analysts also recently issued reports about the company. Zacks Investment Research raised Primo Water from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Thursday, July 12th. BidaskClub raised Primo Water from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Barrington Research reaffirmed a “buy” rating and set a $21.00 price target on shares of Primo Water in a research note on Wednesday, October 17th. Finally, B. Riley dropped their price target on Primo Water from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Primo Water presently has a consensus rating of “Hold” and an average target price of $19.50.

PRMW stock opened at $14.66 on Wednesday. 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 1.24, a quick ratio of 0.88 and a current ratio of 1.06. The company has a market cap of $669.85 million, a P/E ratio of -52.34, a PEG ratio of 3.90 and a beta of 0.61.

Primo Water (NASDAQ:PRMW) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Primo Water had a positive return on equity of 10.19% and a negative net margin of 17.88%. The business had revenue of $81.80 million for the quarter, compared to the consensus estimate of $83.26 million. During the same period in the prior year, the business earned $0.15 EPS. The firm’s revenue for the quarter was down .5% on a year-over-year basis. On average, equities research analysts forecast that Primo Water will post 0.38 earnings per share for the current year.

In other news, VP Michael Cauthen sold 1,377 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $19.56, for a total value of $26,934.12. Following the completion of the sale, the vice president now directly owns 6,159 shares of the company’s stock, valued at $120,470.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles A. Norris sold 25,000 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $20.41, for a total value of $510,250.00. Following the completion of the sale, the director now directly owns 167,556 shares of the company’s stock, valued at $3,419,817.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 243,509 shares of company stock valued at $4,895,288. Company insiders own 13.50% of the company’s stock.

Several institutional investors have recently modified their holdings of PRMW. Martingale Asset Management L P purchased a new stake in shares of Primo Water in the second quarter worth approximately $186,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Primo Water in the second quarter worth approximately $198,000. Bank of Montreal Can grew its holdings in shares of Primo Water by 5,864.6% in the second quarter. Bank of Montreal Can now owns 11,452 shares of the company’s stock valued at $200,000 after acquiring an additional 11,260 shares in the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Primo Water in the second quarter valued at approximately $208,000. Finally, Paloma Partners Management Co bought a new position in shares of Primo Water in the second quarter valued at approximately $214,000. 74.07% of the stock is owned by hedge funds and other institutional investors.

About Primo Water

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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