Prudential Financial Inc. acquired a new position in Primoris Services Corp (NASDAQ:PRIM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 86,506 shares of the construction company’s stock, valued at approximately $1,811,000. Prudential Financial Inc. owned 0.17% of Primoris Services as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Menta Capital LLC grew its position in shares of Primoris Services by 18.9% during the 2nd quarter. Menta Capital LLC now owns 11,886 shares of the construction company’s stock worth $249,000 after buying an additional 1,886 shares during the period. JPMorgan Chase & Co. grew its position in shares of Primoris Services by 19.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,173 shares of the construction company’s stock worth $248,000 after buying an additional 1,972 shares during the period. GSA Capital Partners LLP grew its position in shares of Primoris Services by 18.4% during the 2nd quarter. GSA Capital Partners LLP now owns 36,615 shares of the construction company’s stock worth $766,000 after buying an additional 5,692 shares during the period. Eagle Asset Management Inc. grew its position in shares of Primoris Services by 0.7% during the 2nd quarter. Eagle Asset Management Inc. now owns 301,189 shares of the construction company’s stock worth $6,303,000 after buying an additional 2,198 shares during the period. Finally, Swiss National Bank grew its position in shares of Primoris Services by 7.5% during the 2nd quarter. Swiss National Bank now owns 80,200 shares of the construction company’s stock worth $1,679,000 after buying an additional 5,600 shares during the period. Institutional investors own 79.20% of the company’s stock.
In other Primoris Services news, Director Stephen C. Cook sold 2,349 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $20.92, for a total value of $49,141.08. Following the sale, the director now owns 14,172 shares in the company, valued at approximately $296,478.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian Pratt sold 43,745 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $20.00, for a total value of $874,900.00. Following the completion of the sale, the director now owns 2,114,721 shares in the company, valued at approximately $42,294,420. The disclosure for this sale can be found here. Insiders sold a total of 286,348 shares of company stock worth $5,845,655 in the last 90 days. Company insiders own 13.80% of the company’s stock.
Several equities analysts have recently issued reports on the company. BidaskClub upgraded Primoris Services from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 12th. Zacks Investment Research lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, September 14th.
NASDAQ PRIM traded down $0.06 during trading on Thursday, hitting $20.50. The stock had a trading volume of 6,554 shares, compared to its average volume of 148,995. The company has a market capitalization of $1.07 billion, a PE ratio of 12.08 and a beta of 1.44. The company’s 50-day moving average price is $19.68 and its two-hundred day moving average price is $20.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.42 and a current ratio of 1.42. Primoris Services Corp has a 12 month low of $17.80 and a 12 month high of $25.50.
Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, August 6th. The construction company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The firm had revenue of $789.90 million for the quarter, compared to analysts’ expectations of $749.23 million. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS. As a group, equities analysts anticipate that Primoris Services Corp will post 1.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s payout ratio is 14.12%.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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