LPL Financial LLC Decreases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

LPL Financial LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,026 shares of the construction company’s stock after selling 685 shares during the period. LPL Financial LLC owned about 0.05% of Primoris Services worth $823,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its holdings in Primoris Services by 47.5% in the first quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company’s stock valued at $35,000 after purchasing an additional 466 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Primoris Services by 0.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 63,766 shares of the construction company’s stock worth $1,399,000 after buying an additional 503 shares during the last quarter. Corton Capital Inc. lifted its holdings in Primoris Services by 4.8% during the 1st quarter. Corton Capital Inc. now owns 11,584 shares of the construction company’s stock worth $286,000 after buying an additional 532 shares during the last quarter. First Republic Investment Management Inc. lifted its holdings in Primoris Services by 5.1% during the 2nd quarter. First Republic Investment Management Inc. now owns 11,585 shares of the construction company’s stock worth $252,000 after buying an additional 562 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its holdings in Primoris Services by 28.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 3,078 shares of the construction company’s stock worth $67,000 after buying an additional 675 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Down 0.7 %

Primoris Services stock opened at $30.84 on Monday. Primoris Services Co. has a fifty-two week low of $20.24 and a fifty-two week high of $36.19. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $1.65 billion, a P/E ratio of 12.85 and a beta of 1.24. The stock has a 50-day simple moving average of $31.33 and a 200-day simple moving average of $30.72.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Tuesday, November 7th. The construction company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.23. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.43 billion. Primoris Services had a return on equity of 13.90% and a net margin of 2.35%. The business’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.12 EPS. Equities research analysts expect that Primoris Services Co. will post 2.7 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services’s dividend payout ratio (DPR) is presently 10.00%.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $34.80, for a total value of $696,000.00. Following the transaction, the director now owns 256,306 shares in the company, valued at approximately $8,919,448.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Primoris Services news, insider John M. Perisich sold 19,205 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $33.19, for a total transaction of $637,413.95. Following the transaction, the insider now owns 145,214 shares in the company, valued at approximately $4,819,652.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $34.80, for a total value of $696,000.00. Following the transaction, the director now owns 256,306 shares in the company, valued at approximately $8,919,448.80. The disclosure for this sale can be found here. Insiders have sold 44,205 shares of company stock worth $1,487,464 in the last quarter. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. StockNews.com assumed coverage on Primoris Services in a report on Thursday, October 5th. They set a “buy” rating for the company. DA Davidson lifted their price target on Primoris Services from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 10th.

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. 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.