Zacks Investment Research Downgrades Primo Water Corporation (NASDAQ:PRMW) to Sell

Primo Water Corporation (NASDAQ:PRMW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Saturday.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

Several other equities analysts have also issued reports on PRMW. B. Riley restated a “buy” rating and set a $17.50 target price on shares of Primo Water Corporation in a research report on Monday, May 8th. Barrington Research boosted their target price on Primo Water Corporation from $16.50 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 10th. ValuEngine upgraded Primo Water Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BMO Capital Markets restated a “market perform” rating on shares of Primo Water Corporation in a research report on Friday, June 9th. Finally, BidaskClub upgraded Primo Water Corporation from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Primo Water Corporation currently has a consensus rating of “Hold” and a consensus price target of $17.10.

Primo Water Corporation (PRMW) opened at 12.66 on Friday. The company’s market cap is $377.83 million. Primo Water Corporation has a 52-week low of $10.74 and a 52-week high of $15.39. The stock’s 50 day moving average is $12.67 and its 200 day moving average is $13.05.

Primo Water Corporation (NASDAQ:PRMW) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.09. The firm had revenue of $74.80 million during the quarter, compared to analyst estimates of $73.20 million. Primo Water Corporation had a negative return on equity of 44.11% and a negative net margin of 11.15%. Primo Water Corporation’s revenue for the quarter was up 117.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 earnings per share. Equities research analysts forecast that Primo Water Corporation will post ($0.31) earnings per share for the current year.

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In other news, insider Camden Partners Strategic Fund sold 7,985 shares of the business’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $13.50, for a total transaction of $107,797.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 2,750 shares of company stock valued at $30,050 over the last 90 days. Corporate insiders own 15.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of PRMW. State Street Corp raised its position in Primo Water Corporation by 4.0% in the fourth quarter. State Street Corp now owns 312,245 shares of the company’s stock valued at $3,834,000 after buying an additional 12,108 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Primo Water Corporation by 29.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 569,039 shares of the company’s stock valued at $6,988,000 after buying an additional 130,127 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Primo Water Corporation by 15.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 16,105 shares of the company’s stock valued at $198,000 after buying an additional 2,189 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Primo Water Corporation during the fourth quarter valued at about $149,000. Finally, Capital Impact Advisors LLC acquired a new position in shares of Primo Water Corporation during the first quarter valued at about $843,000. Institutional investors own 58.01% of the company’s stock.

About Primo Water Corporation

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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