Dimensional Fund Advisors LP lifted its position in shares of Primoris Services Corporation (NASDAQ:PRIM) by 4.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,241,073 shares of the construction company’s stock after buying an additional 94,279 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.36% of Primoris Services worth $65,932,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in Primoris Services in the 2nd quarter worth $226,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Primoris Services by 9.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 286,635 shares of the construction company’s stock worth $7,149,000 after buying an additional 25,404 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Primoris Services by 25.0% in the 2nd quarter. Legal & General Group Plc now owns 13,936 shares of the construction company’s stock worth $347,000 after buying an additional 2,787 shares during the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Primoris Services by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after buying an additional 4,721 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after buying an additional 910 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.
A number of analysts have recently weighed in on PRIM shares. KeyCorp restated a “hold” rating on shares of Primoris Services in a report on Tuesday, September 19th. Seaport Global Securities reiterated a “buy” rating and set a $32.00 price target (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. Zacks Investment Research upgraded shares of Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Saturday, October 14th. Canaccord Genuity reiterated a “buy” rating and set a $30.00 price target on shares of Primoris Services in a report on Tuesday, November 7th. Finally, BidaskClub downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, January 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.67.
In other Primoris Services news, Director John P. Schauerman sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total transaction of $1,400,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 29,456 shares of the company’s stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $28.76, for a total transaction of $847,154.56. The disclosure for this sale can be found here. Insiders have sold 92,513 shares of company stock valued at $2,606,860 in the last three months. 24.00% of the stock is currently owned by corporate insiders.
Shares of Primoris Services Corporation (PRIM) opened at $27.06 on Friday. Primoris Services Corporation has a 52-week low of $21.83 and a 52-week high of $30.00. The firm has a market cap of $1,390.00, a P/E ratio of 21.82, a PEG ratio of 1.97 and a beta of 1.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The firm had revenue of $608.31 million during the quarter, compared to analysts’ expectations of $588.19 million. During the same quarter in the prior year, the company earned $0.09 EPS. The company’s revenue was up 19.8% compared to the same quarter last year. research analysts expect that Primoris Services Corporation will post 1.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a dividend of $0.06 per share. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.89%. Primoris Services’s dividend payout ratio is presently 19.35%.
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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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