William Blair Investment Management LLC acquired a new position in shares of Primo Water Corporation (NASDAQ:PRMW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 551,933 shares of the company’s stock, valued at approximately $7,010,000. William Blair Investment Management LLC owned 1.85% of Primo Water Corporation at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in PRMW. Marshall Wace North America L.P. acquired a new stake in Primo Water Corporation during the second quarter worth approximately $1,202,000. Blair William & Co. IL acquired a new stake in Primo Water Corporation during the second quarter worth approximately $288,000. Teton Advisors Inc. acquired a new stake in Primo Water Corporation during the second quarter worth approximately $165,000. Bank of New York Mellon Corp increased its stake in Primo Water Corporation by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 102,540 shares of the company’s stock worth $1,302,000 after buying an additional 2,490 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Primo Water Corporation by 19.6% in the second quarter. Rhumbline Advisers now owns 26,995 shares of the company’s stock worth $343,000 after buying an additional 4,425 shares during the last quarter. Institutional investors own 61.09% of the company’s stock.
Shares of Primo Water Corporation (NASDAQ:PRMW) opened at 11.65 on Friday. The stock has a 50 day moving average of $12.46 and a 200 day moving average of $12.94. Primo Water Corporation has a 1-year low of $10.74 and a 1-year high of $15.39. The stock’s market cap is $347.96 million.
Primo Water Corporation (NASDAQ:PRMW) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.09. The company had revenue of $74.80 million during 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%. Primo Water Corporation’s revenue for the quarter was up 117.4% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share. Equities research analysts forecast that Primo Water Corporation will post ($0.31) EPS for the current year.
A number of analysts have commented on the stock. B. Riley reiterated a “buy” rating and issued a $17.50 price objective on shares of Primo Water Corporation in a report on Sunday, August 13th. Zacks Investment Research cut shares of Primo Water Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. ValuEngine cut shares of Primo Water Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. BidaskClub raised shares of Primo Water Corporation from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Primo Water Corporation in a research note on Friday, June 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Primo Water Corporation has an average rating of “Hold” and an average price target of $17.10.
In other news, insider Camden Partners Strategic Fund sold 7,985 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $13.50, for a total value of $107,797.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Billy D. Prim sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was 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 directly owns 1,980,927 shares of the company’s stock, valued at $24,088,072.32. The disclosure for this sale can be found here. 15.80% of the stock is owned by corporate insiders.
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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