BMO Capital Markets Cuts Primo Water (PRMW) Price Target to $17.00

Primo Water (NASDAQ:PRMW) had its target price decreased by BMO Capital Markets from $18.00 to $17.00 in a research note published on Wednesday morning. BMO Capital Markets currently has a market perform rating on the stock.

Several other brokerages have also weighed in on PRMW. Zacks Investment Research lowered shares of Primo Water from a buy rating to a hold rating in a research report on Saturday, August 18th. B. Riley raised their price objective on shares of Primo Water from $20.00 to $22.00 and gave the company a buy rating in a research report on Tuesday, June 26th. BidaskClub lowered shares of Primo Water from a buy rating to a hold rating in a research report on Wednesday, July 11th. Finally, Barrington Research reaffirmed a buy rating and set a $21.00 price objective on shares of Primo Water in a research report on Wednesday, October 17th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $20.50.

PRMW traded down $0.07 during midday trading on Wednesday, hitting $16.49. 274,723 shares of the company’s stock traded hands, compared to its average volume of 248,353. The firm has a market cap of $621.59 million, a PE ratio of -58.89, a PEG ratio of 3.62 and a beta of 0.48. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.88 and a current ratio of 1.06. Primo Water has a one year low of $10.79 and a one year high of $20.72.



Primo Water (NASDAQ:PRMW) last issued its quarterly earnings data on Tuesday, August 7th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. The firm had revenue of $75.80 million for the quarter, compared to analyst estimates of $72.96 million. Primo Water had a net margin of 3.21% and a return on equity of 8.21%. On average, sell-side analysts anticipate that Primo Water will post 0.38 earnings per share for the current fiscal year.

In other news, Director Charles A. Norris sold 148,678 shares of Primo Water stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $20.18, for a total value of $3,000,322.04. Following the transaction, the director now owns 4,282 shares of the company’s stock, valued at $86,410.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles A. Norris sold 43,454 shares of Primo Water stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $19.74, for a total transaction of $857,781.96. Following the completion of the transaction, the director now directly owns 4,282 shares in the company, valued at approximately $84,526.68. The disclosure for this sale can be found here. In the last three months, insiders sold 243,509 shares of company stock worth $4,895,288. Insiders own 13.50% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in shares of Primo Water by 11.9% in the third quarter. Russell Investments Group Ltd. now owns 81,633 shares of the company’s stock valued at $1,473,000 after purchasing an additional 8,664 shares during the period. Bank of Montreal Can raised its position in shares of Primo Water by 775.4% in the third quarter. Bank of Montreal Can now owns 100,255 shares of the company’s stock valued at $1,809,000 after purchasing an additional 88,803 shares during the period. Fondren Management LP bought a new position in shares of Primo Water in the second quarter valued at approximately $875,000. Northern Trust Corp raised its position in shares of Primo Water by 11.3% in the second quarter. Northern Trust Corp now owns 326,820 shares of the company’s stock valued at $5,716,000 after purchasing an additional 33,250 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Primo Water by 43.0% in the second quarter. Bank of New York Mellon Corp now owns 156,647 shares of the company’s stock valued at $2,740,000 after purchasing an additional 47,114 shares during the period. 74.42% of the stock is currently owned by institutional investors.

Primo Water Company Profile

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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