Primoris Services Corporation (PRIM) Shares Sold by Rhumbline Advisers
Rhumbline Advisers cut its stake in Primoris Services Corporation (NASDAQ:PRIM) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,499 shares of the construction company’s stock after selling 751 shares during the period. Rhumbline Advisers owned approximately 0.09% of Primoris Services Corporation worth $1,110,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in shares of Primoris Services Corporation by 13.0% in the first quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after acquiring an additional 595 shares during the last quarter. Stevens Capital Management LP acquired a new stake in shares of Primoris Services Corporation in the first quarter worth approximately $225,000. Strs Ohio acquired a new stake in shares of Primoris Services Corporation in the second quarter worth approximately $226,000. Principal Financial Group Inc. acquired a new stake in shares of Primoris Services Corporation in the first quarter worth approximately $234,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Primoris Services Corporation in the first quarter worth approximately $269,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.
Primoris Services Corporation (NASDAQ:PRIM) opened at 29.07 on Friday. The firm’s 50-day moving average is $27.08 and its 200-day moving average is $24.69. The firm has a market capitalization of $1.50 billion, a PE ratio of 31.63 and a beta of 1.56. Primoris Services Corporation has a 12 month low of $18.71 and a 12 month high of $30.00.
Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The firm had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The firm’s revenue was up 38.2% on a year-over-year basis. On average, equities research analysts expect that Primoris Services Corporation will post $1.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be issued a $0.055 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.76%. Primoris Services Corporation’s dividend payout ratio is currently 23.40%.
Several research firms recently issued reports on PRIM. BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Canaccord Genuity raised their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Zacks Investment Research cut shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Finally, TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Primoris Services Corporation has an average rating of “Hold” and an average price target of $27.00.
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In related news, Director Brian Pratt sold 105,734 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now owns 9,646,585 shares in the company, valued at $272,033,697. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,528,578 shares of company stock worth $43,347,838 in the last 90 days. 24.00% of the stock is currently owned by corporate insiders.
Primoris Services Corporation 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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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