First Trust Advisors LP Has $3.58 Million Position in Primoris Services Corporation (PRIM)
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.
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