Koch Industries Inc. Acquires Shares of 8,712 Primoris Services Co. (PRIM)

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.

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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.

Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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