Primo Water (NYSE:PRMW) Stock Rating Upgraded by StockNews.com

Primo Water (NYSE:PRMW) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

A number of other analysts also recently issued reports on PRMW. CIBC lifted their target price on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their target price on Primo Water from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $30.00 price target on shares of Primo Water in a report on Tuesday, June 18th. Finally, TD Securities lifted their price target on Primo Water from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.83.

Primo Water Stock Down 1.2 %

NYSE:PRMW opened at $24.94 on Monday. Primo Water has a 12-month low of $12.92 and a 12-month high of $25.67. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $4.01 billion, a P/E ratio of 15.49, a P/E/G ratio of 1.87 and a beta of 1.10. The stock’s fifty day simple moving average is $22.85 and its 200-day simple moving average is $21.26.

Primo Water (NYSE:PRMW) last posted its earnings results on Thursday, August 8th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. Primo Water had a return on equity of 8.94% and a net margin of 12.61%. The firm had revenue of $485.00 million for the quarter, compared to analyst estimates of $477.40 million. During the same period in the previous year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. Equities research analysts expect that Primo Water will post 0.88 earnings per share for the current year.

Institutional Investors Weigh In On Primo Water

Several institutional investors have recently made changes to their positions in PRMW. Norges Bank bought a new stake in shares of Primo Water in the fourth quarter valued at approximately $18,559,000. Goldman Sachs Group Inc. boosted its stake in shares of Primo Water by 32.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,850,165 shares of the company’s stock valued at $57,945,000 after buying an additional 937,235 shares during the period. Triasima Portfolio Management inc. bought a new stake in shares of Primo Water in the second quarter valued at approximately $12,732,000. Acadian Asset Management LLC boosted its stake in shares of Primo Water by 559.2% in the second quarter. Acadian Asset Management LLC now owns 547,250 shares of the company’s stock valued at $11,947,000 after buying an additional 464,232 shares during the period. Finally, Jane Street Group LLC raised its position in Primo Water by 170.4% during the first quarter. Jane Street Group LLC now owns 619,811 shares of the company’s stock valued at $11,287,000 after purchasing an additional 390,611 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.