Vest Financial LLC lowered its position in Primoris Services Corporation (NYSE:PRIM – Free Report) by 23.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,813 shares of the company’s stock after selling 13,331 shares during the quarter. Vest Financial LLC owned approximately 0.08% of Primoris Services worth $3,190,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of PRIM. BlackRock Inc. bought a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $677,685,000. Wellington Management Group LLP raised its position in Primoris Services by 148.7% during the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after acquiring an additional 2,795,887 shares in the last quarter. First Trust Advisors LP raised its position in Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after acquiring an additional 928,155 shares in the last quarter. Grandeur Peak Global Advisors LLC bought a new position in Primoris Services during the second quarter valued at approximately $3,482,000. Finally, Vontobel Holding Ltd. lifted its stake in Primoris Services by 34.0% in the third quarter. Vontobel Holding Ltd. now owns 452,306 shares of the company’s stock valued at $33,706,000 after acquiring an additional 114,640 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.
Primoris Services Stock Down 3.1%
Shares of Primoris Services stock opened at $64.89 on Friday. The stock has a market capitalization of $3.49 billion, a P/E ratio of 22.24 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average price of $76.03 and a two-hundred day moving average price of $100.32. Primoris Services Corporation has a 12-month low of $62.40 and a 12-month high of $205.50.
Primoris Services (NYSE:PRIM – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm posted $1.68 earnings per share. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. Equities analysts expect that Primoris Services Corporation will post 1.77 earnings per share for the current year.
Primoris Services Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, September 30th. Primoris Services’s dividend payout ratio (DPR) is currently 12.55%.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the stock. Needham & Company LLC dropped their price target on shares of Primoris Services from $188.00 to $172.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Weiss Ratings lowered shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Roth Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Primoris Services in a research note on Monday, July 20th. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $99.00 target price on shares of Primoris Services in a research report on Thursday, October 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.47.
View Our Latest Analysis on Primoris Services
Primoris Services Company Profile
Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.
Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.
Featured Articles
- Five stocks we like better than Primoris Services
- Amex Stock Slides on Job Cuts, But the Real Story Is Macro
- Chefs’ Warehouse Has Rallied 76%—Can the Stock Keep Climbing?
- MarketBeat Week in Review – 10/19 – 10/23
- Spotify Soars After Earnings as the Company Touts AI Benefits and Moderating Costs
Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Corporation (NYSE:PRIM – Free Report).
Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.
