Russell Investments Group Ltd. Acquires New Position in Primo Water Co. (PRMW)

Russell Investments Group Ltd. Acquires New Position in Primo Water Co. (PRMW)

Russell Investments Group Ltd. acquired a new position in Primo Water Co. (NASDAQ:PRMW) during the fourth quarter, Holdings Channel reports. The fund acquired 235,656 shares of the company’s stock, valued at approximately $2,941,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. California Public Employees Retirement System boosted its position in Primo Water by 5.2% in the third quarter. California Public Employees Retirement System now owns 90,600 shares of the company’s stock worth $1,099,000 after buying an additional 4,500 shares during the period. Monarch Partners Asset Management LLC boosted its position in Primo Water by 46.2% in the third quarter. Monarch Partners Asset Management LLC now owns 33,320 shares of the company’s stock worth $404,000 after buying an additional 10,530 shares during the period. Wells Fargo & Company MN boosted its position in 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. Van Hulzen Asset Management LLC bought a new position in Primo Water during the third quarter worth approximately $175,000. Finally, Granite Investment Partners LLC boosted its position in Primo Water by 5.8% in the third quarter. Granite Investment Partners LLC now owns 233,315 shares of the company’s stock worth $2,830,000 after buying an additional 12,892 shares during the period. 56.78% of the stock is owned by hedge funds and other institutional investors.

Shares of Primo Water Co. (NASDAQ:PRMW) opened at 14.03 on Friday. The firm has a market cap of $365.37 million, a P/E ratio of 72.32 and a beta of -0.21. The stock’s 50 day moving average price is $14.44 and its 200-day moving average price is $13.02. Primo Water Co. has a 12-month low of $8.80 and a 12-month high of $15.39.

Primo Water (NASDAQ:PRMW) last issued its earnings results on Wednesday, March 15th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.25. Primo Water had a return on equity of 24.69% and a net margin of 4.34%. The company had revenue of $40.40 million for the quarter, compared to analyst estimates of $37.85 million. During the same period in the prior year, the firm earned $0.04 earnings per share. Primo Water’s revenue for the quarter was up 28.3% on a year-over-year basis. On average, analysts predict that Primo Water Co. will post ($0.06) earnings per share for the current fiscal year.

A number of equities analysts have commented on PRMW shares. Zacks Investment Research raised shares of Primo Water from a “sell” rating to a “hold” rating in a research report on Tuesday, December 20th. B. Riley reaffirmed a “buy” rating and set a $16.50 price objective on shares of Primo Water in a research report on Tuesday, January 10th. Lake Street Capital reaffirmed a “buy” rating and set a $20.00 price objective (up from $16.50) on shares of Primo Water in a research report on Thursday. Finally, Barrington Research reaffirmed an “outperform” rating and set a $16.50 price objective (up from $15.00) on shares of Primo Water in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Primo Water presently has an average rating of “Buy” and an average price target of $17.25.

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

Primo Water Company Profile

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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