Morgan Stanley lowered its stake in shares of Primo Water Corporation (NASDAQ:PRMW) by 15.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 209,049 shares of the company’s stock after selling 38,844 shares during the period. Morgan Stanley owned about 0.71% of Primo Water Corporation worth $2,839,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the stock. US Bancorp DE raised its position in shares of Primo Water Corporation by 110.3% in the first quarter. US Bancorp DE now owns 9,884 shares of the company’s stock worth $135,000 after buying an additional 5,184 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Primo Water Corporation during the first quarter worth approximately $147,000. Cornerstone Capital Management Holdings LLC. raised its position in shares of Primo Water Corporation by 166.7% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 12,800 shares of the company’s stock worth $173,000 after buying an additional 8,000 shares in the last quarter. American International Group Inc. raised its position in shares of Primo Water Corporation by 7.5% in the first quarter. American International Group Inc. now owns 13,052 shares of the company’s stock worth $177,000 after buying an additional 910 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Primo Water Corporation by 15.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 16,105 shares of the company’s stock worth $198,000 after buying an additional 2,189 shares in the last quarter. Institutional investors and hedge funds own 61.09% of the company’s stock.
Shares of Primo Water Corporation (NASDAQ:PRMW) traded up 1.10% during midday trading on Wednesday, hitting $11.99. 62,659 shares of the stock were exchanged. Primo Water Corporation has a 12-month low of $10.74 and a 12-month high of $15.39. The stock’s 50 day moving average is $12.54 and its 200 day moving average is $13.00. The firm’s market cap is $358.12 million.
Primo Water Corporation (NASDAQ:PRMW) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.09. Primo Water Corporation had a negative net margin of 11.15% and a negative return on equity of 42.49%. The business had revenue of $74.80 million during the quarter, compared to analyst estimates of $73.20 million. During the same quarter last year, the company posted $0.11 earnings per share. The company’s revenue was up 117.4% on a year-over-year basis. On average, equities research analysts forecast that Primo Water Corporation will post ($0.31) earnings per share for the current fiscal year.
A number of equities analysts have commented on PRMW shares. B. Riley reiterated a “buy” rating and issued a $17.50 price objective on shares of Primo Water Corporation in a report on Monday, May 8th. Barrington Research boosted their price objective on shares of Primo Water Corporation from $16.50 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, May 10th. Zacks Investment Research lowered shares of Primo Water Corporation from a “hold” rating to a “strong sell” rating in a report on Thursday, May 11th. ValuEngine upgraded shares of Primo Water Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Primo Water Corporation in a report on Friday, June 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Primo Water Corporation currently has a consensus rating of “Hold” and a consensus price target of $17.10.
In related news, insider Billy D. Prim sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $12.16, for a total transaction of $12,160,000.00. Following the completion of the sale, the insider now owns 1,980,927 shares of the company’s stock, valued at $24,088,072.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Camden Partners Strategic Fund sold 7,985 shares of the company’s stock in a transaction dated Wednesday, June 21st. The stock was 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. Corporate insiders own 15.80% of the company’s stock.
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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