Primo Water (NASDAQ:PRMW) Announces Quarterly Earnings Results

Primo Water (NASDAQ:PRMW) released its quarterly earnings data on Monday. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01), Morningstar.com reports. Primo Water had a positive return on equity of 11.15% and a negative net margin of 19.21%. The business had revenue of $79.30 million for the quarter, compared to analysts’ expectations of $78.01 million. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Primo Water’s quarterly revenue was up 4.6% compared to the same quarter last year. Primo Water updated its FY 2019 guidance to EPS and its Q3 2019 guidance to EPS.

Shares of PRMW stock traded down $2.31 on Tuesday, hitting $11.12. The stock had a trading volume of 54,351 shares, compared to its average volume of 251,196. The stock has a market capitalization of $551.78 million, a price-to-earnings ratio of 32.71, a price-to-earnings-growth ratio of 3.27 and a beta of 0.71. The business has a 50 day simple moving average of $13.37. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.99 and a quick ratio of 0.70. Primo Water has a 52-week low of $10.70 and a 52-week high of $20.72.

Several equities research analysts have issued reports on the stock. Northland Securities reiterated a “buy” rating and set a $19.00 price objective on shares of Primo Water in a research note on Tuesday, June 25th. ValuEngine upgraded shares of Primo Water from a “sell” rating to a “hold” rating in a research note on Thursday, June 6th. Zacks Investment Research downgraded shares of Primo Water from a “hold” rating to a “sell” rating in a research note on Friday, May 17th. Barrington Research set a $18.00 target price on shares of Primo Water and gave the company a “buy” rating in a research note on Wednesday, June 26th. Finally, BMO Capital Markets set a $19.00 target price on shares of Primo Water and gave the company a “buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.50.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Akre Capital Management LLC boosted its stake in Primo Water by 0.5% during the 1st quarter. Akre Capital Management LLC now owns 2,858,679 shares of the company’s stock valued at $44,195,000 after acquiring an additional 13,459 shares during the last quarter. BlackRock Inc. boosted its stake in Primo Water by 10.5% during the 4th quarter. BlackRock Inc. now owns 2,444,917 shares of the company’s stock valued at $34,253,000 after acquiring an additional 233,001 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Primo Water by 11.8% during the 1st quarter. JPMorgan Chase & Co. now owns 1,750,583 shares of the company’s stock valued at $27,064,000 after acquiring an additional 184,417 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Primo Water by 24.9% during the 1st quarter. William Blair Investment Management LLC now owns 1,527,266 shares of the company’s stock valued at $23,612,000 after acquiring an additional 304,083 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Primo Water by 3.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,257,632 shares of the company’s stock valued at $17,619,000 after acquiring an additional 44,543 shares during the last quarter. Hedge funds and other institutional investors own 86.54% of the company’s stock.

About Primo Water

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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Earnings History for Primo Water (NASDAQ:PRMW)

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