First Trust Advisors LP lowered its position in shares of Primoris Services Corporation (NASDAQ:PRIM) by 43.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 184,133 shares of the construction company’s stock after selling 142,041 shares during the period. First Trust Advisors LP owned approximately 0.36% of Primoris Services Corporation worth $4,592,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Van Berkom & Associates Inc. increased its position in shares of Primoris Services Corporation by 16.0% in the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after buying an additional 327,189 shares during the last quarter. Next Century Growth Investors LLC increased its position in shares of Primoris Services Corporation by 47.7% in the first quarter. Next Century Growth Investors LLC now owns 436,600 shares of the construction company’s stock worth $10,137,000 after buying an additional 141,029 shares during the last quarter. Value Holdings Management CO. LLC increased its position in shares of Primoris Services Corporation by 37.8% in the second quarter. Value Holdings Management CO. LLC now owns 477,343 shares of the construction company’s stock worth $11,905,000 after buying an additional 131,031 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Primoris Services Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after buying an additional 116,098 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Primoris Services Corporation by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,120,930 shares of the construction company’s stock worth $49,247,000 after buying an additional 95,295 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at 28.83 on Friday. The company’s 50-day moving average price is $25.95 and its 200-day moving average price is $24.45. The stock has a market cap of $1.48 billion, a PE ratio of 31.37 and a beta of 1.55. Primoris Services Corporation has a 52-week low of $18.51 and a 52-week high of $29.19.

Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The company had revenue of $631.20 million during the quarter, compared to analysts’ expectations of $582.82 million. During the same quarter in the previous year, the firm posted $0.10 EPS. The firm’s revenue was up 38.2% compared to the same quarter last year. On average, equities research analysts forecast that Primoris Services Corporation will post $1.19 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, October 14th. Shareholders of record on Friday, September 29th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.76%. Primoris Services Corporation’s dividend payout ratio is currently 23.40%.

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PRIM has been the topic of a number of research analyst reports. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Saturday, July 15th. BidaskClub upgraded Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. TheStreet upgraded Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Finally, Canaccord Genuity upped their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $27.00.

Primoris Services Corporation Company Profile

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.

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

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