Envestnet Asset Management Inc. Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Envestnet Asset Management Inc. grew its position in shares of Primoris Services Co. (NASDAQ:PRIM – Get Rating) by 10.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,485 shares of the construction company’s stock after acquiring an additional 4,511 shares during the quarter. Envestnet Asset Management Inc. owned about 0.09% of Primoris Services worth $1,020,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PRIM. Goldman Sachs Group Inc. grew its position in shares of Primoris Services by 1,554.5% during the second quarter. Goldman Sachs Group Inc. now owns 1,397,648 shares of the construction company’s stock worth $30,412,000 after buying an additional 1,313,171 shares in the last quarter. Invesco Ltd. raised its stake in shares of Primoris Services by 92.5% in the 1st quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock valued at $52,815,000 after purchasing an additional 1,065,317 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Primoris Services by 26.1% in the 1st quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock valued at $116,096,000 after purchasing an additional 1,009,809 shares in the last quarter. Citadel Advisors LLC raised its stake in shares of Primoris Services by 205.2% in the 3rd quarter. Citadel Advisors LLC now owns 586,903 shares of the construction company’s stock valued at $9,537,000 after purchasing an additional 394,613 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Primoris Services by 9.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock valued at $62,165,000 after purchasing an additional 218,611 shares in the last quarter. 88.14% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Price Performance

NASDAQ PRIM opened at $26.90 on Friday. Primoris Services Co. has a 12 month low of $15.90 and a 12 month high of $28.20. The firm has a market capitalization of $1.43 billion, a PE ratio of 10.67 and a beta of 1.24. The company’s 50 day simple moving average is $25.03 and its 200 day simple moving average is $24.19. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.48 and a quick ratio of 1.48.

Primoris Services (NASDAQ:PRIM – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The construction company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.26. Primoris Services had a return on equity of 13.57% and a net margin of 2.78%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the firm earned $0.01 EPS. The firm’s revenue for the quarter was up 60.2% on a year-over-year basis. As a group, equities research analysts forecast that Primoris Services Co. will post 2.67 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, June 29th. Primoris Services’s dividend payout ratio is 9.52%.

Insider Activity

In other news, Director David Lee King sold 10,000 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $27.36, for a total transaction of $273,600.00. Following the completion of the sale, the director now directly owns 32,354 shares of the company’s stock, valued at $885,205.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Primoris Services news, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $27.36, for a total transaction of $273,600.00. Following the transaction, the director now owns 32,354 shares of the company’s stock, valued at approximately $885,205.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 7,000 shares of Primoris Services stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $24.16, for a total value of $169,120.00. Following the transaction, the director now directly owns 16,962 shares in the company, valued at approximately $409,801.92. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PRIM shares. StockNews.com lowered Primoris Services from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. UBS Group boosted their target price on shares of Primoris Services from $29.00 to $34.00 in a research note on Wednesday, March 8th. DA Davidson boosted their target price on shares of Primoris Services from $27.00 to $34.00 in a research note on Thursday, March 2nd. Finally, The Goldman Sachs Group upgraded Primoris Services from a “sell” rating to a “neutral” rating and raised their target price for the company from $22.50 to $27.00 in a research report on Monday, April 3rd.

Primoris Services Profile

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.