Koch Industries Inc. purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 8,712 shares of the construction company’s stock, valued at approximately $237,000.
Several other institutional investors have also recently modified their holdings of PRIM. Public Employees Retirement System of Ohio lifted its holdings in shares of Primoris Services by 8.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after acquiring an additional 320 shares during the period. SG Americas Securities LLC bought a new stake in shares of Primoris Services during the 3rd quarter worth approximately $152,000. Great West Life Assurance Co. Can lifted its holdings in shares of Primoris Services by 159.1% during the 3rd quarter. Great West Life Assurance Co. Can now owns 5,985 shares of the construction company’s stock worth $175,000 after acquiring an additional 3,675 shares during the period. Stevens Capital Management LP bought a new stake in shares of Primoris Services during the 3rd quarter worth approximately $203,000. Finally, Royal Bank of Canada lifted its holdings in shares of Primoris Services by 449.9% during the 2nd quarter. Royal Bank of Canada now owns 8,694 shares of the construction company’s stock worth $217,000 after acquiring an additional 7,113 shares during the period. 71.76% of the stock is owned by institutional investors.
NASDAQ:PRIM traded down $0.31 on Friday, hitting $25.93. The company had a trading volume of 316,355 shares, compared to its average volume of 287,484. The company has a market cap of $1,352.16, a price-to-earnings ratio of 22.55, a PEG ratio of 1.64 and a beta of 1.17. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.55 and a quick ratio of 1.46. Primoris Services Co. has a 52 week low of $21.83 and a 52 week high of $30.00.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, February 27th. The construction company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.02. Primoris Services had a net margin of 3.04% and a return on equity of 11.11%. The firm had revenue of $579.02 million during the quarter, compared to analysts’ expectations of $558.67 million. During the same period in the prior year, the company posted $0.28 EPS. The company’s revenue was down 3.8% on a year-over-year basis. analysts expect that Primoris Services Co. will post 1.6 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, March 28th. Primoris Services’s dividend payout ratio (DPR) is currently 20.87%.
In other Primoris Services news, CEO David Lee King purchased 7,866 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $20.87 per share, for a total transaction of $164,163.42. Following the transaction, the chief executive officer now owns 14,108 shares in the company, valued at approximately $294,433.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Thomas Edward Mccormick purchased 5,266 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $20.87 per share, with a total value of $109,901.42. Following the completion of the transaction, the chief operating officer now owns 9,045 shares in the company, valued at approximately $188,769.15. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 16,327 shares of company stock valued at $340,744 and sold 522,675 shares valued at $13,636,726. Corporate insiders own 24.00% of the company’s stock.
Several brokerages recently commented on PRIM. Zacks Investment Research raised shares of Primoris Services from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Friday, March 2nd. DA Davidson raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. BidaskClub raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Friday, March 16th. Sidoti raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Stephens reissued a “hold” rating and issued a $28.00 price objective on shares of Primoris Services in a research note on Tuesday, February 27th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $29.50.
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Primoris Services Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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