Strs Ohio Lowers Position in Primoris Services Co. (NASDAQ:PRIM)

Strs Ohio decreased its stake in Primoris Services Co. (NASDAQ:PRIMGet Rating) by 66.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,100 shares of the construction company’s stock after selling 23,600 shares during the quarter. Strs Ohio’s holdings in Primoris Services were worth $196,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRIM. Janney Montgomery Scott LLC lifted its position in shares of Primoris Services by 19.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 17,884 shares of the construction company’s stock valued at $291,000 after buying an additional 2,934 shares in the last quarter. Versor Investments LP bought a new stake in Primoris Services during the 3rd quarter worth approximately $255,000. Raymond James Financial Services Advisors Inc. purchased a new position in Primoris Services during the third quarter valued at approximately $449,000. SummerHaven Investment Management LLC boosted its position in shares of Primoris Services by 18.4% in the third quarter. SummerHaven Investment Management LLC now owns 36,034 shares of the construction company’s stock worth $586,000 after purchasing an additional 5,597 shares during the period. Finally, Phocas Financial Corp. increased its stake in shares of Primoris Services by 3.3% in the third quarter. Phocas Financial Corp. now owns 349,502 shares of the construction company’s stock worth $5,679,000 after purchasing an additional 11,273 shares in the last quarter. Hedge funds and other institutional investors own 88.14% of the company’s stock.

Primoris Services Stock Performance

PRIM opened at $25.28 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.53 and a current ratio of 1.53. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 11.29 and a beta of 1.18. The company has a fifty day moving average of $22.10 and a 200 day moving average of $20.89. Primoris Services Co. has a fifty-two week low of $15.90 and a fifty-two week high of $27.94.

Primoris Services (NASDAQ:PRIMGet Rating) last released its quarterly earnings data on Monday, November 7th. The construction company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.89 by $0.23. Primoris Services had a net margin of 3.04% and a return on equity of 11.88%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.20 billion. As a group, sell-side analysts forecast that Primoris Services Co. will post 2.44 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, December 29th. This represents a $0.24 annualized dividend and a dividend yield of 0.95%. Primoris Services’s dividend payout ratio (DPR) is 10.71%.

Insider Activity

In related news, COO John F. Moreno, Jr. sold 10,000 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $22.34, for a total value of $223,400.00. Following the sale, the chief operating officer now owns 12,424 shares in the company, valued at $277,552.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO John F. Moreno, Jr. sold 10,000 shares of Primoris Services stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $22.34, for a total value of $223,400.00. Following the completion of the transaction, the chief operating officer now owns 12,424 shares in the company, valued at $277,552.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 6,973 shares of the company’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $20.75, for a total value of $144,689.75. Following the sale, the director now owns 22,447 shares in the company, valued at $465,775.25. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of analyst reports. StockNews.com cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, November 19th. The Goldman Sachs Group upped their price objective on Primoris Services from $18.00 to $20.00 and gave the stock a “sell” rating in a research note on Wednesday, November 9th. Finally, Morgan Stanley cut their target price on Primoris Services from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.00.

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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