Royal Bank of Canada grew its position in shares of Primoris Services Corporation (NASDAQ:PRIM) by 449.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,694 shares of the construction company’s stock after acquiring an additional 7,113 shares during the quarter. Royal Bank of Canada’s holdings in Primoris Services Corporation were worth $217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Victory Capital Management Inc. boosted its holdings 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 worth $152,000 after acquiring an additional 910 shares during the last quarter. Northern Trust Corp boosted its holdings in Primoris Services Corporation by 0.3% during the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after acquiring an additional 1,657 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Primoris Services Corporation by 10.6% during the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock worth $500,000 after acquiring an additional 1,927 shares during the last quarter. Teachers Advisors LLC boosted its holdings in Primoris Services Corporation by 3.0% during the 1st quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock worth $1,665,000 after acquiring an additional 2,065 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings 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 during the last quarter. 66.48% of the stock is currently owned by hedge funds and other institutional investors.

PRIM has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Saturday, October 14th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of Primoris Services Corporation in a report on Tuesday, November 7th. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price objective (up from $29.00) on shares of Primoris Services Corporation in a report on Wednesday, October 11th. Finally, BidaskClub downgraded shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Primoris Services Corporation presently has an average rating of “Hold” and an average target price of $31.67.

Primoris Services Corporation (NASDAQ PRIM) opened at $26.86 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1,401.46, a PE ratio of 23.28, a P/E/G ratio of 2.27 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.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued 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 0.89%. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services Corporation’s payout ratio is 17.60%.

ILLEGAL ACTIVITY WARNING: “Royal Bank of Canada Acquires 7,113 Shares of Primoris Services Corporation (PRIM)” was first posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this news story on another domain, it was stolen and reposted in violation of US & international trademark & copyright law. The original version of this news story can be accessed at https://www.thecerbatgem.com/2017/11/23/royal-bank-of-canada-acquires-7113-shares-of-primoris-services-corporation-prim.html.

In related news, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Pratt sold 105,734 shares of the business’s 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 completion of the transaction, the director now directly owns 9,646,585 shares in the company, valued at $272,033,697. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 over the last three months. 24.00% of the stock is owned by insiders.

About Primoris Services Corporation

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.

Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Corporation (NASDAQ:PRIM).

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

Receive News & Stock Ratings for Primoris Services Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corporation and related stocks with our FREE daily email newsletter.