OxFORD Asset Management LLP Buys 27,281 Shares of Primoris Services Corporation (PRIM)
OxFORD Asset Management LLP grew its stake in Primoris Services Corporation (NASDAQ:PRIM) by 29.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 120,544 shares of the construction company’s stock after purchasing an additional 27,281 shares during the period. OxFORD Asset Management LLP owned about 0.23% of Primoris Services worth $3,528,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio boosted its position in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares in the last quarter. Victory Capital Management Inc. boosted its position in Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after purchasing an additional 910 shares in the last quarter. Northern Trust Corp boosted its position in Primoris Services by 0.3% in the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after purchasing an additional 1,657 shares in the last quarter. Voya Investment Management LLC boosted its position in Primoris Services by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock worth $500,000 after purchasing an additional 1,927 shares in the last quarter. Finally, American International Group Inc. boosted its position in Primoris Services by 8.1% in the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock worth $778,000 after purchasing an additional 1,978 shares in the last quarter. Institutional investors and hedge funds own 70.46% of the company’s stock.
In related news, CFO Peter J. Moerbeek sold 19,778 shares of the 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 directly owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Brian Pratt sold 108,062 shares of the stock in a transaction on Monday, September 11th. The shares were sold at an average price of $28.07, for a total value of $3,033,300.34. Following the completion of the transaction, the director now directly owns 9,332,324 shares of the company’s stock, valued at $261,958,334.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,025,590 shares of company stock valued at $29,237,653. Corporate insiders own 24.00% of the company’s stock.
Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The business had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 EPS. research analysts anticipate that Primoris Services Corporation will post 1.2 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.85%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, December 28th. Primoris Services’s dividend payout ratio is presently 17.60%.
Several equities research analysts have commented on PRIM shares. TheStreet upgraded Primoris Services from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 target price (up from $29.00) on shares of Primoris Services in a research note on Wednesday, October 11th. Zacks Investment Research downgraded Primoris Services from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 target price on shares of Primoris Services in a research note on Tuesday, November 7th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a research note on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $31.67.
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About Primoris Services
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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