Primo Water (NYSE:PRMW) Stock Rating Lowered by Zacks Investment Research

Primo Water (NYSE:PRMW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Primo Water Corporation provides home and office bottled water delivery and water filtration services. It offers water dispensers, purified bottled water and self-service refill drinking water principally in the U.S. and Canada. Primo Water Corporation, formerly known as Cott Corporation, is based in TAMPA, FL. “

Several other equities analysts have also recently issued reports on PRMW. Royal Bank of Canada upped their target price on shares of Primo Water from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Jefferies Financial Group restated a “buy” rating on shares of Primo Water in a research note on Friday, June 11th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $19.63.

NYSE:PRMW opened at $17.25 on Wednesday. The firm’s 50-day moving average price is $16.99 and its 200-day moving average price is $16.76. The company has a market capitalization of $2.77 billion, a PE ratio of -172.50 and a beta of 1.32. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.69. Primo Water has a 1-year low of $12.39 and a 1-year high of $18.00.

Primo Water (NYSE:PRMW) last announced its quarterly earnings results on Thursday, August 5th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.17. Primo Water had a negative net margin of 0.87% and a positive return on equity of 6.28%. Equities analysts anticipate that Primo Water will post 0.76 EPS for the current fiscal year.

In other Primo Water news, Director Jeremy S. G. Fowden sold 7,868 shares of the stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $17.80, for a total transaction of $140,050.40. Following the completion of the sale, the director now directly owns 1,367,158 shares of the company’s stock, valued at approximately $24,335,412.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeremy S. G. Fowden sold 13,710 shares of the stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $17.71, for a total transaction of $242,804.10. Following the sale, the director now directly owns 1,373,000 shares of the company’s stock, valued at $24,315,830. The disclosure for this sale can be found here. Insiders sold a total of 138,114 shares of company stock valued at $2,462,460 over the last three months. 5.90% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new position in shares of Primo Water in the second quarter valued at $106,000. QS Investors LLC purchased a new position in shares of Primo Water in the first quarter valued at $128,454,000. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in Primo Water in the first quarter worth $170,000. Alpha Paradigm Partners LLC bought a new stake in Primo Water in the first quarter worth $182,000. Finally, Fox Run Management L.L.C. bought a new stake in Primo Water in the second quarter worth $191,000. 90.25% of the stock is owned by hedge funds and other institutional investors.

About Primo Water

Primo Water Corp. engages in the manufacture, process, and distribution of beverages. It operates through the following segments: North America, Rest of World, and All Other. The North America segment offers bottled water, water filtration, and coffee services to customers in North America. The Rest of World segment provides bottled water, water filtration, and coffee services to customers in Europe and Israel.

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