James Investment Research Inc. cut its position in Primoris Services Corp (NASDAQ:PRIM) by 31.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,200 shares of the construction company’s stock after selling 4,600 shares during the period. James Investment Research Inc.’s holdings in Primoris Services were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in shares of Primoris Services by 1,265.7% in the third quarter. Russell Investments Group Ltd. now owns 271,061 shares of the construction company’s stock worth $6,728,000 after acquiring an additional 251,213 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in shares of Primoris Services in the third quarter worth approximately $30,721,000. United Services Automobile Association boosted its stake in shares of Primoris Services by 7.4% in the second quarter. United Services Automobile Association now owns 521,652 shares of the construction company’s stock worth $14,205,000 after acquiring an additional 35,820 shares during the last quarter. Northern Trust Corp boosted its stake in Primoris Services by 26.1% during the second quarter. Northern Trust Corp now owns 657,058 shares of the construction company’s stock worth $17,892,000 after buying an additional 136,157 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Primoris Services by 7.9% during the second quarter. Bank of New York Mellon Corp now owns 287,825 shares of the construction company’s stock worth $7,837,000 after buying an additional 21,049 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
In other Primoris Services news, Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.14, for a total value of $18,226,575.42. Following the sale, the director now owns 6,946,451 shares in the company, valued at $174,633,778.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 1,964 shares of Primoris Services stock in a transaction on Friday, September 7th. The shares were sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the sale, the director now owns 11,897 shares in the company, valued at approximately $297,425. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock worth $18,475,786 in the last three months. 19.50% of the stock is currently owned by corporate insiders.
NASDAQ PRIM opened at $22.66 on Tuesday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 19.70, a P/E/G ratio of 1.45 and a beta of 1.24. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.61. Primoris Services Corp has a fifty-two week low of $20.79 and a fifty-two week high of $28.96.
Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 7th. The construction company reported $0.31 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.31. The company had revenue of $648.79 million for the quarter, compared to analyst estimates of $593.65 million. Primoris Services had a return on equity of 8.23% and a net margin of 2.37%. Equities analysts anticipate that Primoris Services Corp will post 1.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Thursday, September 27th. Primoris Services’s dividend payout ratio (DPR) is currently 20.87%.
PRIM has been the topic of a number of recent research reports. Zacks Investment Research raised Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a research note on Saturday, August 11th. ValuEngine lowered Primoris Services from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, BidaskClub lowered Primoris Services from a “buy” rating to a “hold” rating in a research note on Wednesday, September 5th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Primoris Services presently has a consensus rating of “Hold” and a consensus price target of $30.75.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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