First Trust Advisors LP lessened its stake in shares of Primoris Services Corporation (NASDAQ:PRIM) by 33.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,639 shares of the construction company’s stock after selling 62,494 shares during the period. First Trust Advisors LP owned approximately 0.24% of Primoris Services Corporation worth $3,579,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PRIM. Public Employees Retirement System of Ohio increased its position in Primoris Services Corporation by 8.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Primoris Services Corporation during the 3rd quarter valued at approximately $138,000. BNP Paribas Arbitrage SA increased its position in Primoris Services Corporation by 554.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares in the last quarter. Victory Capital Management Inc. increased its position in Primoris Services Corporation by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares in the last quarter. Finally, Citigroup Inc. increased its position in Primoris Services Corporation by 356.6% during the 2nd quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock valued at $161,000 after buying an additional 5,049 shares in the last quarter. 66.48% of the stock is owned by institutional investors.

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A number of analysts have commented on the company. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Saturday, October 14th. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. Canaccord Genuity reissued a “buy” rating and issued a $30.00 target price on shares of Primoris Services Corporation in a report on Tuesday, November 7th. BidaskClub lowered Primoris Services Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Seaport Global Securities reissued a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Primoris Services Corporation presently has an average rating of “Hold” and an average price target of $30.00.

In other news, Director Brian Pratt sold 105,734 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now directly owns 9,646,585 shares in the company, valued at approximately $272,033,697. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the transaction, the chief financial officer now owns 43,346 shares in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,548,356 shares of company stock worth $43,921,202. Company insiders own 24.00% of the company’s stock.

Shares of Primoris Services Corporation (PRIM) opened at $26.12 on Monday. The company has a market capitalization of $1,343.84, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 2.18 and a beta of 1.60. Primoris Services Corporation has a fifty-two week low of $21.83 and a fifty-two week high of $30.00. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36.

Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.09. The business had revenue of $608.31 million during the quarter, compared to analyst estimates of $588.19 million. Primoris Services Corporation had a return on equity of 11.70% and a net margin of 2.68%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. sell-side analysts expect that Primoris Services Corporation will post 1.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a $0.06 dividend. This is an increase from Primoris Services Corporation’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is 17.60%.

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.

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

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