Primo Water (NASDAQ:PRMW) Cut to “Market Perform” at Barrington Research

Primo Water (NASDAQ:PRMW) was downgraded by Barrington Research from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, MarketBeat Ratings reports. Barrington Research also issued estimates for Primo Water’s FY2024 earnings at $0.80 EPS.

Other equities analysts have also recently issued research reports about the company. B. Riley reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Primo Water in a report on Tuesday. Lake Street Capital cut Primo Water from a “buy” rating to a “hold” rating and lowered their target price for the stock from $18.00 to $14.00 in a report on Wednesday, November 6th. Zacks Investment Research raised Primo Water from a “sell” rating to a “hold” rating in a report on Wednesday, January 8th. Imperial Capital reaffirmed an “outperform” rating and issued a $14.00 target price (down previously from $15.00) on shares of Primo Water in a report on Wednesday, December 4th. Finally, BidaskClub cut Primo Water from a “buy” rating to a “hold” rating in a report on Friday, January 3rd. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. Primo Water presently has an average rating of “Hold” and an average target price of $14.17.

PRMW traded up $0.13 on Tuesday, reaching $14.56. The stock had a trading volume of 523,060 shares, compared to its average volume of 1,102,389. Primo Water has a fifty-two week low of $9.54 and a fifty-two week high of $16.35. The firm has a 50-day moving average of $11.04 and a 200-day moving average of $12.01. The company has a current ratio of 0.92, a quick ratio of 0.70 and a debt-to-equity ratio of 1.96. The company has a market capitalization of $566.04 million, a price-to-earnings ratio of 42.82, a price-to-earnings-growth ratio of 4.67 and a beta of 0.72.

Primo Water (NASDAQ:PRMW) last issued its earnings results on Tuesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.07). Primo Water had a return on equity of 7.11% and a net margin of 1.29%. The firm had revenue of $86.97 million during the quarter, compared to analyst estimates of $84.78 million. Sell-side analysts anticipate that Primo Water will post 0.12 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its holdings in shares of Primo Water by 228.6% in the third quarter. Russell Investments Group Ltd. now owns 428,050 shares of the company’s stock worth $5,257,000 after acquiring an additional 297,766 shares during the period. First Trust Advisors LP purchased a new position in shares of Primo Water in the first quarter worth about $4,509,000. Victory Capital Management Inc. purchased a new position in shares of Primo Water in the second quarter worth about $2,830,000. Nuveen Asset Management LLC increased its holdings in shares of Primo Water by 8.3% in the second quarter. Nuveen Asset Management LLC now owns 2,400,571 shares of the company’s stock worth $29,527,000 after buying an additional 184,111 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Primo Water by 5.1% in the second quarter. BlackRock Inc. now owns 2,396,335 shares of the company’s stock worth $29,475,000 after buying an additional 117,124 shares during the period. Hedge funds and other institutional investors own 85.68% of the company’s stock.

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.

Featured Article: What is meant by buying and selling pressure?

Analyst Recommendations for Primo Water (NASDAQ:PRMW)

Receive News & Ratings for Primo Water Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primo Water and related companies with MarketBeat.com's FREE daily email newsletter.