Primo Water (NYSE:PRMW) Raised to Buy at StockNews.com

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

Several other brokerages also recently issued reports on PRMW. Royal Bank of Canada reissued an “outperform” rating and set a $30.00 price target on shares of Primo Water in a report on Tuesday, October 1st. Raymond James downgraded shares of Primo Water from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Finally, William Blair began coverage on shares of Primo Water in a research note on Thursday, October 24th. They issued an “outperform” rating for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Primo Water has an average rating of “Moderate Buy” and a consensus target price of $25.83.

Primo Water Stock Performance

NYSE PRMW opened at $24.21 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of 15.32, a P/E/G ratio of 1.87 and a beta of 1.10. The company’s fifty day moving average is $25.32 and its two-hundred day moving average is $22.84. Primo Water has a 52-week low of $14.06 and a 52-week high of $28.06.

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

Hedge Funds Weigh In On Primo Water

Several hedge funds have recently bought and sold shares of PRMW. Inspire Investing LLC bought a new position in Primo Water in the 1st quarter valued at about $874,000. Global Alpha Capital Management Ltd. boosted its stake in shares of Primo Water by 13.5% in the 1st quarter. Global Alpha Capital Management Ltd. now owns 127,000 shares of the company’s stock valued at $2,313,000 after purchasing an additional 15,100 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Primo Water by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 28,137 shares of the company’s stock valued at $512,000 after purchasing an additional 2,215 shares in the last quarter. Tocqueville Asset Management L.P. boosted its stake in shares of Primo Water by 108.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 96,000 shares of the company’s stock valued at $1,748,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Forge First Asset Management Inc. acquired a new stake in shares of Primo Water in the 1st quarter valued at approximately $6,792,000. 87.71% of the stock is owned by institutional investors.

Primo Water Company Profile

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.