Mirae Asset Global Investments Co. Ltd. Acquires 151,846 Shares of Primoris Services Co. (NASDAQ:PRIM)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Primoris Services Co. (NASDAQ:PRIMGet Rating) by 35.5% in the first quarter, Holdings Channel reports. The firm owned 579,328 shares of the construction company’s stock after purchasing an additional 151,846 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Primoris Services were worth $13,800,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in Primoris Services by 26.1% in the first quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock valued at $116,096,000 after purchasing an additional 1,009,809 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Primoris Services by 9.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock valued at $62,165,000 after purchasing an additional 218,611 shares in the last quarter. Invesco Ltd. grew its position in Primoris Services by 92.5% in the first quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock valued at $52,815,000 after purchasing an additional 1,065,317 shares in the last quarter. State Street Corp grew its position in Primoris Services by 14.4% in the first quarter. State Street Corp now owns 1,208,371 shares of the construction company’s stock valued at $28,853,000 after purchasing an additional 152,377 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Primoris Services by 2.2% in the first quarter. Clearbridge Investments LLC now owns 923,501 shares of the construction company’s stock valued at $21,998,000 after acquiring an additional 19,618 shares during the last quarter. Institutional investors own 91.48% of the company’s stock.

Primoris Services Stock Performance

NASDAQ PRIM opened at $19.59 on Tuesday. The firm has a 50-day moving average of $21.31 and a 200-day moving average of $23.24. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $1.04 billion, a PE ratio of 8.71 and a beta of 1.10. Primoris Services Co. has a 52-week low of $19.00 and a 52-week high of $29.38.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, September 29th. Primoris Services’s dividend payout ratio is presently 10.67%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. DA Davidson cut their price target on shares of Primoris Services to $27.00 in a research note on Monday, August 15th. Morgan Stanley cut their price target on shares of Primoris Services from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Friday, September 9th. Finally, TheStreet cut shares of Primoris Services from a “b-” rating to a “c+” rating in a research note on Friday, June 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $27.00.

Primoris Services Profile

(Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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.

Featured Articles

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 Co. (NASDAQ:PRIMGet Rating).

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

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