Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 27.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,176 shares of the construction company’s stock after acquiring an additional 2,828 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Primoris Services were worth $438,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Primoris Services during the 3rd quarter worth $288,000. Raymond James & Associates raised its stake in shares of Primoris Services by 22.6% during the third quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock valued at $1,998,000 after purchasing an additional 11,254 shares in the last quarter. Strs Ohio lifted its holdings in Primoris Services by 108.9% in the third quarter. Strs Ohio now owns 25,700 shares of the construction company’s stock worth $841,000 after purchasing an additional 13,400 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Primoris Services by 9.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 593,600 shares of the construction company’s stock valued at $19,429,000 after buying an additional 49,437 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in Primoris Services during the 3rd quarter valued at about $307,000. 91.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. UBS Group lifted their price target on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Finally, DA Davidson upped their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th.

Primoris Services Stock Up 0.6 %

NASDAQ PRIM opened at $47.30 on Friday. Primoris Services Co. has a 12 month low of $23.48 and a 12 month high of $48.40. The company has a market capitalization of $2.54 billion, a P/E ratio of 20.39 and a beta of 1.14. The company’s 50 day simple moving average is $42.90 and its 200 day simple moving average is $36.25. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.55 billion. The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 earnings per share. Equities research analysts expect that Primoris Services Co. will post 2.61 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s dividend payout ratio is 10.34%.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the sale, the director now owns 217,281 shares in the company, valued at approximately $8,975,878.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total transaction of $826,200.00. Following the transaction, the director now directly owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction dated 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 directly owns 9,068 shares of the company’s stock, valued at $362,720. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $2,040,125 in the last quarter. 1.40% of the stock is owned by company insiders.

About Primoris Services

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.