Primoris Services Corporation (PRIM) Stake Lowered by Eagle Asset Management Inc.
Eagle Asset Management Inc. lessened its holdings in Primoris Services Corporation (NASDAQ:PRIM) by 66.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 169,331 shares of the construction company’s stock after selling 332,852 shares during the period. Eagle Asset Management Inc. owned approximately 0.33% of Primoris Services Corporation worth $4,223,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the company. Chicago Equity Partners LLC acquired a new position in shares of Primoris Services Corporation in the 2nd quarter valued at $575,000. Victory Capital Management Inc. lifted its stake in shares of Primoris Services Corporation by 17.6% in the 2nd 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. BNP Paribas Arbitrage SA lifted its stake in shares of Primoris Services Corporation by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after purchasing an additional 4,721 shares during the last quarter. Legal & General Group Plc lifted its stake in Primoris Services Corporation by 25.0% during the 2nd quarter. Legal & General Group Plc now owns 13,936 shares of the construction company’s stock worth $347,000 after acquiring an additional 2,787 shares in the last quarter. Finally, Bar Harbor Trust Services acquired a new position in Primoris Services Corporation during the 2nd quarter worth about $4,202,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on PRIM. BidaskClub raised Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Canaccord Genuity increased their target price on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Saturday, July 15th. Finally, TheStreet raised Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $27.00.
In other news, Director Brian Pratt sold 105,734 shares of Primoris Services Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total transaction of $2,981,698.80. Following the sale, the director now directly owns 9,646,585 shares of the company’s stock, valued at $272,033,697. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 522,766 shares of company stock worth $14,683,549. 24.00% of the stock is currently owned by insiders.
Shares of Primoris Services Corporation (PRIM) opened at 28.01 on Friday. The stock has a market cap of $1.44 billion, a P/E ratio of 30.48 and a beta of 1.56. The firm’s 50-day moving average price is $26.35 and its 200 day moving average price is $24.54. Primoris Services Corporation has a one year low of $18.51 and a one year high of $30.00.
Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings data 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. The company had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $582.82 million. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Equities research analysts expect that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 14th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio is presently 23.40%.
Primoris Services Corporation 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.
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