Hiddenite Capital Partners LP Makes New $2.19 Million Investment in Primo Water Co. (NYSE:PRMW)

Hiddenite Capital Partners LP purchased a new stake in Primo Water Co. (NYSE:PRMW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $2,186,000. Primo Water accounts for about 0.7% of Hiddenite Capital Partners LP’s investment portfolio, making the stock its 22nd largest holding. Hiddenite Capital Partners LP owned approximately 0.06% of Primo Water at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Natixis Advisors L.P. lifted its holdings in Primo Water by 6.2% during the 4th quarter. Natixis Advisors L.P. now owns 23,570 shares of the company’s stock worth $354,000 after purchasing an additional 1,368 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Primo Water by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 762,932 shares of the company’s stock worth $11,482,000 after buying an additional 8,173 shares in the last quarter. Jump Financial LLC boosted its position in shares of Primo Water by 184.6% in the fourth quarter. Jump Financial LLC now owns 65,474 shares of the company’s stock valued at $985,000 after acquiring an additional 42,466 shares during the period. Dimensional Fund Advisors LP grew its stake in Primo Water by 12.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,292,891 shares of the company’s stock valued at $19,459,000 after acquiring an additional 146,528 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Primo Water by 13.0% during the 4th quarter. Principal Financial Group Inc. now owns 51,766 shares of the company’s stock worth $779,000 after acquiring an additional 5,970 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRMW. TD Securities boosted their price target on shares of Primo Water from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. boosted their target price on Primo Water from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. CIBC raised their price target on Primo Water from $24.00 to $26.00 and gave the company an “outperformer” rating in a report on Tuesday, June 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $30.00 price target on shares of Primo Water in a research report on Tuesday, June 18th. Finally, StockNews.com upgraded shares of Primo Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Primo Water has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Primo Water Price Performance

Shares of Primo Water stock opened at $23.58 on Tuesday. The firm has a market capitalization of $3.79 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.70 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Water Co. has a 12 month low of $12.92 and a 12 month high of $25.60. The business’s 50-day moving average price is $21.64 and its 200-day moving average price is $20.34.

Primo Water (NYSE:PRMW) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $485.00 million for the quarter, compared to analysts’ expectations of $477.40 million. Primo Water had a net margin of 12.61% and a return on equity of 8.94%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the business earned $0.22 earnings per share. Sell-side analysts forecast that Primo Water Co. will post 0.88 EPS for the current fiscal year.

Primo Water Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.53%. The ex-dividend date was Thursday, August 22nd. Primo Water’s dividend payout ratio is presently 22.36%.

About Primo Water

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.