85,384 Shares in Primoris Services Corporation (PRIM) Purchased by Algert Global LLC
Algert Global LLC acquired a new position in Primoris Services Corporation (NASDAQ:PRIM) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 85,384 shares of the construction company’s stock, valued at approximately $2,512,000. Algert Global LLC owned 0.17% of Primoris Services as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also bought and sold shares of PRIM. Ameriprise Financial Inc. grew its position in Primoris Services by 242.1% during the third quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock worth $4,800,000 after buying an additional 115,450 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Primoris Services by 4.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,241,073 shares of the construction company’s stock worth $65,932,000 after buying an additional 94,279 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Primoris Services by 113.3% during the second quarter. Goldman Sachs Group Inc. now owns 175,845 shares of the construction company’s stock worth $4,385,000 after buying an additional 93,397 shares in the last quarter. OxFORD Asset Management LLP acquired a new stake in Primoris Services during the second quarter worth about $2,326,000. Finally, Susquehanna International Group LLP grew its position in Primoris Services by 193.8% during the second quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock worth $2,886,000 after buying an additional 76,335 shares in the last quarter. Institutional investors and hedge funds own 70.46% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Saturday, October 14th. Seaport Global Securities reissued a “buy” rating and set a $32.00 target price (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a report on Tuesday, September 19th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of Primoris Services in a report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.67.
Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 had a return on equity of 11.70% and a net margin of 2.68%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 earnings per share. equities research analysts predict that Primoris Services Corporation will post 1.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.88%. 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 payout ratio is presently 17.60%.
In other news, Director Brian Pratt sold 225,000 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $28.56, for a total value of $6,426,000.00. Following the transaction, the director now directly owns 8,659,574 shares of the company’s stock, valued at approximately $247,317,433.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders have sold 333,278 shares of company stock worth $9,536,659 over the last ninety days. Company insiders own 24.00% of the company’s stock.
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Primoris Services Company 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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