Mirae Asset Global Investments Co. Ltd. Has $13.80 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIMGet Rating) by 35.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 579,328 shares of the construction company’s stock after acquiring an additional 151,846 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 1.09% of Primoris Services worth $13,800,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Wellington Management Group LLP increased its holdings in shares of Primoris Services by 26.1% during the 1st quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock worth $116,096,000 after purchasing an additional 1,009,809 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Primoris Services by 9.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock worth $62,165,000 after purchasing an additional 218,611 shares during the period. Invesco Ltd. increased its holdings in shares of Primoris Services by 92.5% during the 1st quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock worth $52,815,000 after purchasing an additional 1,065,317 shares during the period. State Street Corp increased its holdings in shares of Primoris Services by 14.4% during the 1st quarter. State Street Corp now owns 1,208,371 shares of the construction company’s stock worth $28,853,000 after purchasing an additional 152,377 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in shares of Primoris Services by 2.2% during the 1st quarter. Clearbridge Investments LLC now owns 923,501 shares of the construction company’s stock worth $21,998,000 after purchasing an additional 19,618 shares during the period. Institutional investors and hedge funds own 91.48% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. TheStreet cut shares of Primoris Services from a “b-” rating to a “c+” rating in a research note on Friday, June 10th. DA Davidson lowered their target price on shares of Primoris Services to $27.00 in a research note on Monday, August 15th. Finally, Morgan Stanley lowered their target price on shares of Primoris Services from $33.00 to $30.00 and set an “overweight” rating on the stock in a research note on Friday, September 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of “Hold” and a consensus target price of $27.00.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $19.59 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 8.71 and a beta of 1.10. Primoris Services Co. has a 1-year low of $19.00 and a 1-year high of $29.38. The firm’s 50-day moving average price is $21.31 and its two-hundred day moving average price is $23.24.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.24 annualized dividend and a yield of 1.23%. Primoris Services’s dividend payout ratio is 10.67%.

Primoris Services Company Profile

(Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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.

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Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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