Algert Global LLC Reduces Position in Primoris Services Co. (NASDAQ:PRIM)

Algert Global LLC cut its position in Primoris Services Co. (NASDAQ:PRIM) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 171,446 shares of the construction company’s stock after selling 2,619 shares during the period. Algert Global LLC owned 0.32% of Primoris Services worth $8,553,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. CWM LLC increased its position in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC purchased a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $70,000. Canton Hathaway LLC purchased a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $100,000. Innealta Capital LLC purchased a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $108,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $140,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Trading Up 0.9 %

NASDAQ PRIM opened at $58.03 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s fifty day moving average price is $54.12 and its 200 day moving average price is $50.52. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 21.90 and a beta of 1.07. Primoris Services Co. has a 12 month low of $28.96 and a 12 month high of $60.26.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $0.80 EPS. On average, sell-side analysts expect that Primoris Services Co. will post 2.82 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is 9.06%.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. The disclosure for this sale can be found here. Insiders have sold 54,391 shares of company stock valued at $3,075,454 in the last ninety days. Insiders own 1.40% of the company’s stock.

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.