Primo Water Co. (PRMW) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Primo Water Co. (NASDAQ:PRMW) from a buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

Separately, B. Riley reaffirmed a buy rating and issued a $16.50 target price on shares of Primo Water in a report on Tuesday, March 14th. Two 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 a consensus rating of Buy and a consensus price target of $17.25.

Primo Water (NASDAQ:PRMW) traded up 0.21% on Wednesday, reaching $14.06. The company had a trading volume of 50,987 shares. The stock has a market capitalization of $366.15 million, a PE ratio of 72.47 and a beta of -0.21. Primo Water has a 52-week low of $8.80 and a 52-week high of $15.39. The stock has a 50 day moving average price of $14.44 and a 200 day moving average price of $13.02.

Primo Water (NASDAQ:PRMW) last issued its earnings results on Wednesday, March 15th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.25. Primo Water had a net margin of 4.34% and a return on equity of 24.69%. The company earned $40.40 million during the quarter, compared to analysts’ expectations of $37.85 million. During the same period last year, the company posted $0.04 earnings per share. The firm’s quarterly revenue was up 28.3% compared to the same quarter last year. Analysts expect that Primo Water will post ($0.06) EPS for the current year.

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In other Primo Water news, VP David J. Mills sold 5,669 shares of the stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $13.00, for a total value of $73,697.00. Following the completion of the transaction, the vice president now directly owns 16,351 shares of the company’s stock, valued at $212,563. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David L. Warnock sold 38,000 shares of the stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $13.28, for a total transaction of $504,640.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,623 shares of company stock valued at $602,762. 18.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PRMW. G2 Investment Partners Management LLC boosted its position in shares of Primo Water by 30.5% in the third quarter. G2 Investment Partners Management LLC now owns 192,385 shares of the company’s stock worth $2,334,000 after buying an additional 45,015 shares during the period. SG Capital Management LLC boosted its position in shares of Primo Water by 156.4% in the third quarter. SG Capital Management LLC now owns 525,700 shares of the company’s stock worth $6,377,000 after buying an additional 320,647 shares during the period. Wells Fargo & Company MN boosted its position in shares of Primo Water by 2.8% in the third quarter. Wells Fargo & Company MN now owns 47,030 shares of the company’s stock worth $570,000 after buying an additional 1,260 shares during the period. BlackRock Advisors LLC boosted its position in shares of Primo Water by 0.4% in the third quarter. BlackRock Advisors LLC now owns 293,681 shares of the company’s stock worth $3,562,000 after buying an additional 1,270 shares during the period. Finally, Axiom International Investors LLC DE boosted its position in shares of Primo Water by 128.1% in the fourth quarter. Axiom International Investors LLC DE now owns 335,319 shares of the company’s stock worth $4,118,000 after buying an additional 188,304 shares during the period. 56.78% of the stock is owned by institutional investors.

About Primo Water

Primo Water Corporation is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers. The Company’s products are sold through various retailers in the United States and Canada. The Company conducts its operations through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).

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