Primo Water (PRMW) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Primo Water (NASDAQ:PRMW) from a hold rating to a buy rating in a research report sent to investors on Saturday. They currently have $22.00 price objective on the stock.

According to Zacks, “Prime Water Corporation operates as a provider of three- and five-gallon purified bottled water and water dispensers sold through major retailers nationwide. The Company’s water bottles can be sanitized and reused, crushed and recycled. Also, it provides water bottle exchange solution for its retail customers. It operates through two segments, Primo Bottled Water Exchange and Primo Products. Prime Water Corporation is headquartered in Winston-Salem, North Carolina. “

Several other equities research analysts also recently commented on PRMW. BidaskClub downgraded Primo Water from a hold rating to a sell rating in a report on Friday, April 13th. ValuEngine upgraded Primo Water from a sell rating to a hold rating in a report on Wednesday, May 2nd. Barrington Research restated a buy rating and set a $20.00 price objective on shares of Primo Water in a report on Wednesday, May 9th. William Blair started coverage on Primo Water in a report on Thursday, May 24th. They set an outperform rating for the company. Finally, BMO Capital Markets boosted their price objective on Primo Water from $15.00 to $16.00 and gave the company a market perform rating in a report on Thursday, May 24th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Primo Water presently has an average rating of Buy and an average price target of $20.75.



Shares of Primo Water traded up $0.19, hitting $19.51, during midday trading on Friday, according to Marketbeat.com. 314,326 shares of the stock traded hands, compared to its average volume of 335,665. The company has a market cap of $728.28 million, a price-to-earnings ratio of 92.00, a P/E/G ratio of 4.31 and a beta of -0.14. Primo Water has a one year low of $10.47 and a one year high of $19.85. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.24.

In related news, CFO David J. Mills sold 2,336 shares of Primo Water stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $15.00, for a total transaction of $35,040.00. Following the transaction, the chief financial officer now owns 64,682 shares of the company’s stock, valued at $970,230. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 13.50% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in PRMW. Wells Fargo & Company MN boosted its position in shares of Primo Water by 7.0% during the fourth quarter. Wells Fargo & Company MN now owns 136,037 shares of the company’s stock valued at $1,710,000 after buying an additional 8,880 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Primo Water by 5.6% in the fourth quarter. Bank of New York Mellon Corp now owns 110,997 shares of the company’s stock worth $1,395,000 after purchasing an additional 5,857 shares during the last quarter. Geode Capital Management LLC boosted its position in Primo Water by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 228,524 shares of the company’s stock worth $2,872,000 after purchasing an additional 9,741 shares during the last quarter. Deutsche Bank AG boosted its position in Primo Water by 501.6% in the fourth quarter. Deutsche Bank AG now owns 166,834 shares of the company’s stock worth $2,096,000 after purchasing an additional 139,104 shares during the last quarter. Finally, Goldman Sachs Group Inc. purchased a new position in Primo Water in the fourth quarter worth $387,000. 69.64% of the stock is currently owned by institutional investors.

Primo Water Company Profile

Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada. It operates in three segments: Refill, Exchange, and Dispensers. The Refill segment sells filtered drinking water dispensed directly to consumers through self-service machines.

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