Primo Water Corporation (PRMW) Given Consensus Recommendation of “Hold” by Analysts

Shares of Primo Water Corporation (NASDAQ:PRMW) have been given a consensus rating of “Hold” by the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $18.17.

Several equities research analysts have recently weighed in on the company. B. Riley reissued a “buy” rating and set a $17.50 price objective on shares of Primo Water Corporation in a research note on Sunday, August 13th. Zacks Investment Research cut Primo Water Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. ValuEngine cut Primo Water Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BidaskClub raised Primo Water Corporation from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Primo Water Corporation in a research report on Friday, June 9th.

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Primo Water Corporation (NASDAQ PRMW) opened at 12.10 on Friday. Primo Water Corporation has a 1-year low of $10.74 and a 1-year high of $15.39. The firm’s market capitalization is $361.40 million. The company has a 50-day moving average price of $12.59 and a 200 day moving average price of $13.03.

Primo Water Corporation (NASDAQ:PRMW) last released its quarterly earnings data on Tuesday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.09. The company had revenue of $74.80 million for the quarter, compared to the consensus estimate of $73.20 million. Primo Water Corporation had a negative return on equity of 42.49% and a negative net margin of 11.15%. The business’s revenue was up 117.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. Equities analysts anticipate that Primo Water Corporation will post ($0.31) earnings per share for the current year.

In related news, insider Camden Partners Strategic Fund sold 7,985 shares of Primo Water Corporation stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Billy D. Prim sold 1,000,000 shares of Primo Water Corporation stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $12.16, for a total value of $12,160,000.00. Following the sale, the insider now directly owns 1,980,927 shares of the company’s stock, valued at approximately $24,088,072.32. The disclosure for this sale can be found here. Company insiders own 15.80% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Primo Water Corporation by 4.5% in the second quarter. Vanguard Group Inc. now owns 1,045,252 shares of the company’s stock worth $13,275,000 after buying an additional 44,864 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Primo Water Corporation by 10.5% in the first quarter. Renaissance Technologies LLC now owns 790,055 shares of the company’s stock worth $10,729,000 after buying an additional 74,800 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Primo Water Corporation by 10.8% in the first quarter. Driehaus Capital Management LLC now owns 683,194 shares of the company’s stock worth $9,278,000 after buying an additional 66,653 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Primo Water Corporation by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 656,057 shares of the company’s stock worth $8,908,000 after buying an additional 87,018 shares during the last quarter. Finally, Elk Creek Partners LLC boosted its stake in Primo Water Corporation by 16.7% in the second quarter. Elk Creek Partners LLC now owns 619,999 shares of the company’s stock worth $7,874,000 after buying an additional 88,633 shares during the last quarter. 61.09% of the stock is owned by hedge funds and other institutional investors.

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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