Eagle Asset Management Inc. lifted its holdings in Primoris Services Corporation (NASDAQ:PRIM) by 16.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,976 shares of the construction company’s stock after buying an additional 28,645 shares during the quarter. Eagle Asset Management Inc. owned 0.38% of Primoris Services worth $5,844,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Public Employees Retirement System of Ohio increased its stake in Primoris Services by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares during the last quarter. Victory Capital Management Inc. increased its stake in Primoris Services by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after purchasing an additional 910 shares during the last quarter. Northern Trust Corp increased its stake in Primoris Services by 0.3% in the second quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock valued at $12,874,000 after purchasing an additional 1,657 shares during the last quarter. Voya Investment Management LLC increased its stake in Primoris Services by 10.6% in the second quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock valued at $500,000 after purchasing an additional 1,927 shares during the last quarter. Finally, American International Group Inc. increased its stake in Primoris Services by 8.1% in the third quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock valued at $778,000 after purchasing an additional 1,978 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.
In related news, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the sale, the chief financial officer now directly owns 43,346 shares in the company, valued at $1,256,600.54. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Brian Pratt sold 255,386 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $28.62, for a total value of $7,309,147.32. Following the transaction, the director now owns 8,863,164 shares in the company, valued at $253,663,753.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 588,664 shares of company stock valued at $16,845,807. Corporate insiders own 24.00% of the company’s stock.
Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $27.88 on Thursday. Primoris Services Corporation has a 1 year low of $21.83 and a 1 year high of $30.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41. The company has a market capitalization of $1,434.39, a P/E ratio of 23.83, a P/E/G ratio of 2.32 and a beta of 1.59.
Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.31 by $0.09. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The firm had revenue of $608.31 million for the quarter, compared to analysts’ expectations of $588.19 million. During the same period last year, the firm earned $0.09 EPS. The firm’s revenue was up 19.8% compared to the same quarter last year. equities analysts anticipate that Primoris Services Corporation will post 1.2 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, December 28th. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 annualized dividend and a dividend yield of 0.86%. Primoris Services’s dividend payout ratio (DPR) is currently 17.60%.
PRIM has been the subject of several research analyst reports. KeyCorp restated a “hold” rating on shares of Primoris Services in a research note on Tuesday, September 19th. Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Saturday, October 14th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $30.00 price target on shares of Primoris Services in a report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Primoris Services has an average rating of “Hold” and a consensus target price of $31.67.
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About Primoris Services
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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