Wall Street analysts expect Primo Water Corporation (NASDAQ:PRMW) to report $77.27 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Primo Water Corporation’s earnings, with the lowest sales estimate coming in at $76.94 million and the highest estimate coming in at $77.60 million. Primo Water Corporation posted sales of $35.50 million in the same quarter last year, which would indicate a positive year over year growth rate of 117.7%. The business is scheduled to report its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Primo Water Corporation will report full year sales of $77.27 million for the current fiscal year, with estimates ranging from $284.88 million to $286.50 million. For the next financial year, analysts anticipate that the business will report sales of $301.17 million per share, with estimates ranging from $298.97 million to $302.60 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Primo Water Corporation.
Primo Water Corporation (NASDAQ:PRMW) last released its earnings results on Tuesday, August 8th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.09. The company had revenue of $74.80 million for the quarter, compared to analysts’ expectations of $73.20 million. Primo Water Corporation had a negative return on equity of 42.49% and a negative net margin of 11.15%. The firm’s revenue for the quarter was up 117.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 EPS.
Several research firms recently commented on PRMW. B. Riley reiterated a “buy” rating and issued a $17.50 price objective on shares of Primo Water Corporation in a research report on Monday, May 8th. Zacks Investment Research lowered shares of Primo Water Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. ValuEngine lowered shares of Primo Water Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Primo Water Corporation in a research report on Friday, June 9th. Finally, BidaskClub raised shares of Primo Water Corporation from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Primo Water Corporation presently has an average rating of “Hold” and an average target price of $17.10.
Primo Water Corporation (NASDAQ:PRMW) traded down 3.12% during mid-day trading on Monday, reaching $12.10. 86,192 shares of the company’s stock traded hands. The stock’s market capitalization is $361.40 million. The stock’s 50 day moving average is $12.59 and its 200-day moving average is $13.03. Primo Water Corporation has a 52 week low of $10.74 and a 52 week high of $15.39.
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In related news, insider Billy D. Prim sold 1,000,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $12.16, for a total value of $12,160,000.00. Following the completion of the transaction, the insider now owns 1,980,927 shares of the company’s stock, valued at approximately $24,088,072.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Camden Partners Strategic Fund sold 7,985 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $13.50, for a total transaction of $107,797.50. The disclosure for this sale can be found here. Insiders own 15.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Primo Water Corporation by 4.5% in the second quarter. Vanguard Group Inc. now owns 1,045,252 shares of the company’s stock valued at $13,275,000 after buying an additional 44,864 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Primo Water Corporation by 10.5% in the first quarter. Renaissance Technologies LLC now owns 790,055 shares of the company’s stock valued at $10,729,000 after buying an additional 74,800 shares during the last quarter. Driehaus Capital Management LLC increased its position in shares of Primo Water Corporation by 10.8% in the first quarter. Driehaus Capital Management LLC now owns 683,194 shares of the company’s stock valued at $9,278,000 after buying an additional 66,653 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Primo Water Corporation by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 656,057 shares of the company’s stock valued at $8,908,000 after buying an additional 87,018 shares during the last quarter. Finally, Elk Creek Partners LLC increased its position in shares of Primo Water Corporation by 16.7% in the second quarter. Elk Creek Partners LLC now owns 619,999 shares of the company’s stock valued at $7,874,000 after buying an additional 88,633 shares during the last quarter. 61.09% of the stock is owned by hedge funds and other institutional investors.
About Primo Water Corporation
Primo Water Corporation (Primo) provides 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. It operates through two segments: Primo Water (Water) and Primo Dispensers (Dispensers).
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