Primoris Services Corp. (PRIM) Shares Sold by Ameriprise Financial Inc.
Ameriprise Financial Inc. cut its position in Primoris Services Corp. (NASDAQ:PRIM) by 24.9% during the second quarter, Holdings Channel reports. The institutional investor owned 305,255 shares of the company’s stock after selling 101,359 shares during the period. Ameriprise Financial Inc. owned approximately 0.59% of Primoris Services Corp. worth $5,779,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. GSA Capital Partners LLP acquired a new position in shares of Primoris Services Corp. during the second quarter worth $198,000. BlackRock Inc. raised its position in shares of Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares in the last quarter. Barclays PLC raised its position in shares of Primoris Services Corp. by 341.1% in the first quarter. Barclays PLC now owns 12,352 shares of the company’s stock worth $296,000 after buying an additional 9,552 shares in the last quarter. LaSalle Street Capital Management LLC raised its position in shares of Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock worth $375,000 after buying an additional 327 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Primoris Services Corp. during the first quarter worth $552,000. Institutional investors and hedge funds own 74.49% of the company’s stock.
Shares of Primoris Services Corp. (NASDAQ:PRIM) traded down 0.26% on Thursday, hitting $19.44. The stock had a trading volume of 30,190 shares. The company has a 50-day moving average of $19.84 and a 200-day moving average of $20.37. The company has a market cap of $1.01 billion, a P/E ratio of 25.61 and a beta of 1.70. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25.
Primoris Services Corp. (NASDAQ:PRIM) last issued its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm earned $456.81 million during the quarter, compared to the consensus estimate of $516.76 million. During the same period last year, the firm posted $0.07 earnings per share. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities analysts anticipate that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.13%. Primoris Services Corp.’s dividend payout ratio (DPR) is 28.95%.
Several equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Primoris Services Corp. from a “strong sell” rating to a “hold” rating in a report on Thursday, October 6th. Canaccord Genuity reiterated a “hold” rating on shares of Primoris Services Corp. in a report on Wednesday. Seaport Global Securities upgraded Primoris Services Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. Finally, DA Davidson cut Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $24.80.
Primoris Services Corp. Company Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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