Shell Asset Management Co. Sells 1,069 Shares of Primoris Services Co. (NASDAQ:PRIM)

Shell Asset Management Co. decreased its stake in shares of Primoris Services Co. (NASDAQ:PRIM – Get Rating) by 16.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,262 shares of the construction company’s stock after selling 1,069 shares during the quarter. Shell Asset Management Co.’s holdings in Primoris Services were worth $115,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Primoris Services by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,274,776 shares of the construction company’s stock valued at $85,715,000 after purchasing an additional 28,615 shares in the last quarter. Wellington Management Group LLP increased its stake in Primoris Services by 26.1% during the 1st 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 increased its stake in Primoris Services by 3.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,921,353 shares of the construction company’s stock valued at $47,474,000 after purchasing an additional 86,155 shares in the last quarter. Invesco Ltd. increased its stake in Primoris Services by 92.5% during the 1st 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. Finally, Goldman Sachs Group Inc. increased its stake in Primoris Services by 1,554.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,397,648 shares of the construction company’s stock valued at $30,412,000 after purchasing an additional 1,313,171 shares in the last quarter. Institutional investors and hedge funds own 88.14% of the company’s stock.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $24.61 on Friday. The company’s fifty day moving average price is $24.91 and its 200 day moving average price is $23.77. Primoris Services Co. has a 1 year low of $15.90 and a 1 year high of $28.20. The company has a market capitalization of $1.31 billion, a PE ratio of 9.96 and a beta of 1.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.50 and a current ratio of 1.50.

Primoris Services (NASDAQ:PRIM – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The construction company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.26. Primoris Services had a net margin of 3.01% and a return on equity of 13.06%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm posted $0.01 earnings per share. The firm’s quarterly revenue was up 60.2% compared to the same quarter last year. On average, research analysts predict that Primoris Services Co. will post 2.6 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be given a $0.06 dividend. The ex-dividend date is Thursday, June 29th. This represents a $0.24 annualized dividend and a dividend yield of 0.98%. Primoris Services’s dividend payout ratio (DPR) is 9.72%.

Analyst Upgrades and Downgrades

PRIM has been the topic of several recent research reports. StockNews.com downgraded shares of Primoris Services from a “buy” rating to a “hold” rating in a report on Thursday. DA Davidson upped their price objective on shares of Primoris Services from $27.00 to $34.00 in a report on Thursday, March 2nd. The Goldman Sachs Group raised shares of Primoris Services from a “sell” rating to a “neutral” rating and upped their price objective for the company from $22.50 to $27.00 in a report on Monday, April 3rd. Finally, UBS Group upped their price objective on shares of Primoris Services from $29.00 to $34.00 in a report on Wednesday, March 8th.

Insider Activity

In other news, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $27.36, for a total value of $273,600.00. Following the sale, the director now owns 32,354 shares in the company, valued at $885,205.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $27.36, for a total value of $273,600.00. Following the sale, the director now owns 32,354 shares in the company, valued at $885,205.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 7,000 shares of the firm’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $24.16, for a total transaction of $169,120.00. Following the completion of the transaction, the director now directly owns 16,962 shares in the company, valued at $409,801.92. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Primoris Services Profile

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.