Commerce Bank cut its holdings in Primoris Services Co. (NASDAQ:PRIM – Free Report) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,323 shares of the construction company’s stock after selling 3,035 shares during the quarter. Commerce Bank’s holdings in Primoris Services were worth $575,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its stake in Primoris Services by 67.6% in the fourth quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock worth $1,925,000 after acquiring an additional 23,389 shares during the period. Victory Capital Management Inc. raised its holdings in Primoris Services by 121.5% in the fourth quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock worth $1,510,000 after purchasing an additional 24,938 shares in the last quarter. Walleye Capital LLC raised its holdings in Primoris Services by 125.9% in the third quarter. Walleye Capital LLC now owns 100,603 shares of the construction company’s stock worth $3,293,000 after purchasing an additional 56,060 shares in the last quarter. Heartland Advisors Inc. raised its holdings in Primoris Services by 40.0% in the fourth quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock worth $5,812,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Barclays PLC raised its holdings in Primoris Services by 17.8% in the third quarter. Barclays PLC now owns 13,632 shares of the construction company’s stock worth $447,000 after purchasing an additional 2,062 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the sale, the director now owns 237,281 shares in the company, valued at approximately $9,635,981.41. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the sale, the director now owns 237,281 shares in the company, valued at approximately $9,635,981.41. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares in the company, valued at approximately $362,720. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,448 shares of company stock worth $4,506,249. Corporate insiders own 1.40% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have commented on PRIM. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th. UBS Group upped their price objective on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th.
Check Out Our Latest Research Report on Primoris Services
Primoris Services Price Performance
Shares of NASDAQ:PRIM opened at $56.07 on Friday. Primoris Services Co. has a twelve month low of $26.30 and a twelve month high of $56.19. The company’s 50 day moving average is $46.98 and its 200 day moving average is $38.96. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69. The company has a market cap of $3.01 billion, a PE ratio of 17.30 and a beta of 1.14.
Primoris Services (NASDAQ:PRIM – Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company earned $0.18 EPS. Primoris Services’s quarterly revenue was up 12.4% on a year-over-year basis. On average, sell-side analysts forecast that Primoris Services Co. will post 2.67 EPS for the current year.
Primoris Services Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.06 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.43%. Primoris Services’s dividend payout ratio (DPR) is presently 9.06%.
Primoris Services Profile
Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.
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