Pinnbrook Capital Management LP Acquires Shares of 289,284 Primo Brands Co. (NYSE:PRMB)

Pinnbrook Capital Management LP bought a new position in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 289,284 shares of the company’s stock, valued at approximately $8,901,000. Primo Brands makes up about 0.9% of Pinnbrook Capital Management LP’s holdings, making the stock its 23rd largest holding. Pinnbrook Capital Management LP owned about 0.08% of Primo Brands at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rise Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at about $28,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $33,000. R Squared Ltd bought a new stake in Primo Brands during the 4th quarter worth approximately $42,000. Nisa Investment Advisors LLC acquired a new stake in Primo Brands during the 4th quarter valued at $176,000. Finally, Entropy Technologies LP bought a new position in Primo Brands in the 4th quarter valued at $236,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Down 1.0 %

Shares of PRMB stock opened at $33.20 on Tuesday. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10. Primo Brands Co. has a 12 month low of $14.10 and a 12 month high of $34.14. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a 50-day moving average price of $31.96.

Analysts Set New Price Targets

PRMB has been the subject of a number of research reports. Royal Bank of Canada raised their target price on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. TD Securities raised their price objective on shares of Primo Brands from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of Primo Brands in a research report on Monday, November 18th. They set a “buy” rating and a $33.00 target price on the stock. Finally, BMO Capital Markets assumed coverage on shares of Primo Brands in a report on Monday, January 6th. They issued an “outperform” rating and a $40.00 price target for the company.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.