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.
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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