Comerica Bank bought a new position in Primoris Services Corp (NASDAQ:PRIM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 53,910 shares of the construction company’s stock, valued at approximately $1,182,000. Comerica Bank owned approximately 0.10% of Primoris Services as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the business. Van Berkom & Associates Inc. increased its holdings in Primoris Services by 0.7% in the second quarter. Van Berkom & Associates Inc. now owns 2,733,782 shares of the construction company’s stock worth $74,441,000 after purchasing an additional 19,802 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Primoris Services by 8.7% during the second quarter. BlackRock Inc. now owns 2,649,085 shares of the construction company’s stock valued at $72,135,000 after acquiring an additional 212,126 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Primoris Services by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,358,959 shares of the construction company’s stock valued at $64,235,000 after acquiring an additional 66,141 shares in the last quarter. Deprince Race & Zollo Inc. bought a new stake in shares of Primoris Services during the third quarter valued at approximately $30,721,000. Finally, Northern Trust Corp increased its holdings in shares of Primoris Services by 26.1% during the second quarter. Northern Trust Corp now owns 657,058 shares of the construction company’s stock valued at $17,892,000 after acquiring an additional 136,157 shares in the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.
Several research firms have recently commented on PRIM. Zacks Investment Research downgraded Primoris Services from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. BidaskClub upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Finally, ValuEngine upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.75.
NASDAQ PRIM opened at $22.71 on Friday. The company has a market cap of $1.20 billion, a PE ratio of 19.75, a PEG ratio of 1.49 and a beta of 1.24. Primoris Services Corp has a 52 week low of $20.79 and a 52 week high of $28.90. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.52.
Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The firm had revenue of $908.90 million during the quarter, compared to the consensus estimate of $789.90 million. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The company’s quarterly revenue was up 49.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. On average, equities analysts anticipate that Primoris Services Corp will post 1.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 1.06%. Primoris Services’s payout ratio is 20.87%.
In related news, CEO David Lee King sold 7,866 shares of Primoris Services stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $25.44, for a total transaction of $200,111.04. Following the transaction, the chief executive officer now owns 6,242 shares of the company’s stock, valued at $158,796.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the transaction, the director now directly owns 6,946,451 shares in the company, valued at approximately $174,633,778.14. The disclosure for this sale can be found here. 19.50% of the stock is owned by insiders.
Primoris Services Company Profile
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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