In the third quarter, Nitorum Capital sold 420,586 shares of Primo Brands Corporation, reducing its position by $18.53 million. As of September 30, the fund reported holding 807,547 shares valued at $17.85 million. The move was disclosed in a November 14 SEC filing. The latest stake represents 3.13% of 13F AUM, placing it outside the top five holdings of the fund. Primo Brands shares were priced at $16.36 on Tuesday, down 47% over the past year.

Primo Brands Corporation offers various water solutions and services, generating revenue through direct-to-consumer water delivery, filtration services, and sales to businesses. The company reported $1.77 billion in net sales in the third quarter, up over 35% year over year, driven by the BlueTriton combination. However, shares are down nearly 50% over the past year, reflecting concerns around leverage and earnings quality. Nitorum’s move to trim exposure suggests a cautious approach towards the stock’s performance and integration risks.

Read more at Nasdaq: Why a Fund Trimmed an $18 Million Stake in Primo Brands Amid a 47% Stock Drop