B. Riley Reaffirms “Neutral” Rating for Primo Water (NASDAQ:PRMW)

Primo Water (NASDAQ:PRMW)‘s stock had its “neutral” rating reissued by research analysts at B. Riley in a research note issued on Tuesday, MarketBeat reports. They currently have a $14.00 price objective on the stock. B. Riley’s price objective would suggest a potential downside of 3.85% from the stock’s previous close.

Several other analysts also recently commented on PRMW. Lake Street Capital downgraded Primo Water from a “buy” rating to a “hold” rating and reduced their price objective for the company from $18.00 to $14.00 in a research note on Wednesday, November 6th. BidaskClub downgraded Primo Water from a “buy” rating to a “hold” rating in a research note on Friday, January 3rd. BMO Capital Markets downgraded Primo Water from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $18.00 to $14.00 in a research note on Monday. Zacks Investment Research raised Primo Water from a “sell” rating to a “hold” rating in a research note on Wednesday, January 8th. Finally, ValuEngine raised Primo Water from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Primo Water currently has an average rating of “Hold” and an average price target of $14.17.

PRMW traded up $0.12 on Tuesday, hitting $14.56. 38,859 shares of the company traded hands, compared to its average volume of 1,102,389. The company has a 50 day moving average of $11.04 and a 200-day moving average of $12.01. The company has a quick ratio of 0.70, a current ratio of 0.92 and a debt-to-equity ratio of 1.96. The stock has a market capitalization of $566.04 million, a PE ratio of 42.82, a PEG ratio of 4.67 and a beta of 0.72. Primo Water has a 12-month low of $9.54 and a 12-month high of $16.35.

Primo Water (NASDAQ:PRMW) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.07). The company had revenue of $86.97 million for the quarter, compared to analysts’ expectations of $84.78 million. Primo Water had a net margin of 1.29% and a return on equity of 7.11%. On average, research analysts anticipate that Primo Water will post 0.12 EPS for the current year.

Several hedge funds have recently modified their holdings of PRMW. First Trust Advisors LP purchased a new position in Primo Water in the 1st quarter valued at approximately $4,509,000. Wells Fargo & Company MN raised its position in shares of Primo Water by 7.2% in the 2nd quarter. Wells Fargo & Company MN now owns 174,133 shares of the company’s stock worth $2,143,000 after buying an additional 11,733 shares during the period. Russell Investments Group Ltd. purchased a new position in Primo Water in the second quarter valued at about $1,602,000. Bank of Montreal Can raised its position in Primo Water by 26,645.5% in the second quarter. Bank of Montreal Can now owns 2,942 shares of the company’s stock valued at $36,000 after purchasing an additional 2,931 shares during the period. Finally, US Bancorp DE raised its position in Primo Water by 8.0% in the second quarter. US Bancorp DE now owns 16,751 shares of the company’s stock valued at $206,000 after purchasing an additional 1,237 shares during the period. 85.68% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Equal Weight Rating

Analyst Recommendations for Primo Water (NASDAQ:PRMW)

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