Empower Advisory Group LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM – Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,619 shares of the construction company’s stock, valued at approximately $325,000.
Several other large investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position 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 worth $30,412,000 after purchasing an additional 1,313,171 shares in the last quarter. Invesco Ltd. raised its holdings in shares of 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 buying an additional 1,065,317 shares during the period. Wellington Management Group LLP raised its holdings in shares of 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 buying an additional 1,009,809 shares during the period. Franklin Resources Inc. increased its holdings in Primoris Services by 52.8% during the 1st quarter. Franklin Resources Inc. now owns 2,359,262 shares of the construction company’s stock worth $58,179,000 after purchasing an additional 815,207 shares during the last quarter. Finally, Schroder Investment Management Group increased its holdings in Primoris Services by 82.7% during the 4th quarter. Schroder Investment Management Group now owns 984,804 shares of the construction company’s stock worth $21,607,000 after purchasing an additional 445,741 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.
Wall Street Analyst Weigh In
PRIM has been the subject of a number of research analyst reports. StockNews.com initiated coverage on Primoris Services in a report on Thursday, August 17th. They issued a “buy” rating for the company. DA Davidson boosted their price target on Primoris Services from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th.
Primoris Services Stock Performance
Shares of NASDAQ PRIM opened at $32.88 on Friday. The company has a market capitalization of $1.75 billion, a P/E ratio of 14.23 and a beta of 1.26. The business’s 50-day moving average price is $32.91 and its two-hundred day moving average price is $28.81. Primoris Services Co. has a one year low of $15.90 and a one year high of $36.19. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.45 and a quick ratio of 1.45.
Primoris Services (NASDAQ:PRIM – Get Free Report) last announced its earnings results on Monday, August 7th. The construction company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.35 billion. Primoris Services had a return on equity of 14.77% and a net margin of 2.36%. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 EPS. Analysts anticipate that Primoris Services Co. will post 2.7 earnings per share for the current fiscal year.
Primoris Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.24 annualized dividend and a yield of 0.73%. Primoris Services’s payout ratio is 10.39%.
Insider Buying and Selling at Primoris Services
In other news, Director Stephen C. Cook sold 4,000 shares of Primoris Services stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $34.08, for a total value of $136,320.00. Following the completion of the sale, the director now directly owns 11,852 shares of the company’s stock, valued at approximately $403,916.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Stephen C. Cook sold 4,000 shares of Primoris Services stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $34.08, for a total transaction of $136,320.00. Following the completion of the sale, the director now directly owns 11,852 shares of the company’s stock, valued at $403,916.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $30.15, for a total value of $603,000.00. Following the completion of the transaction, the director now directly owns 275,199 shares of the company’s stock, valued at $8,297,249.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,205 shares of company stock worth $2,072,734. 1.40% of the stock is currently owned by insiders.
Primoris Services Company 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. 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.
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