Dynamic Technology Lab Private Ltd Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Dynamic Technology Lab Private Ltd raised its position in Primoris Services Co. (NASDAQ:PRIM) by 134.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,763 shares of the construction company’s stock after purchasing an additional 14,762 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Primoris Services were worth $856,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PRIM. Raymond James & Associates raised its holdings in shares of Primoris Services by 22.6% during the 3rd quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock valued at $1,998,000 after buying an additional 11,254 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Primoris Services by 22.2% during the 3rd quarter. Teacher Retirement System of Texas now owns 26,847 shares of the construction company’s stock valued at $879,000 after buying an additional 4,875 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Primoris Services during the 3rd quarter valued at about $255,000. Victory Capital Management Inc. raised its holdings in shares of Primoris Services by 28.2% during the 3rd quarter. Victory Capital Management Inc. now owns 20,533 shares of the construction company’s stock valued at $672,000 after buying an additional 4,513 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Primoris Services during the 3rd quarter valued at about $361,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $52.33 on Wednesday. The firm has a market cap of $2.81 billion, a PE ratio of 19.75 and a beta of 1.14. The business has a 50 day moving average price of $45.34 and a two-hundred day moving average price of $38.02. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. Primoris Services Co. has a fifty-two week low of $26.29 and a fifty-two week high of $52.75.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the business earned $0.18 EPS. The business’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts expect that Primoris Services Co. will post 2.67 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.06 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. Primoris Services’s dividend payout ratio (DPR) is 9.06%.

Insider Activity

In related news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now directly owns 29,217 shares in the company, valued at approximately $1,188,839.73. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now directly owns 29,217 shares in the company, valued at approximately $1,188,839.73. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the transaction, the director now owns 237,281 shares of the company’s stock, valued at $9,635,981.41. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,448 shares of company stock worth $3,977,149. 1.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PRIM has been the topic of several analyst reports. UBS Group raised their target price on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. DA Davidson raised their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Finally, The Goldman Sachs Group raised their price objective on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th.

Primoris Services Company 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. 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.