Clearbridge Investments LLC reduced its holdings in Primoris Services Co. (NASDAQ:PRIM – Free Report) by 8.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 782,502 shares of the construction company’s stock after selling 72,850 shares during the quarter. Clearbridge Investments LLC owned approximately 1.47% of Primoris Services worth $19,296,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the business. UBS Group AG raised its position in shares of Primoris Services by 17.7% during the first quarter. UBS Group AG now owns 26,876 shares of the construction company’s stock worth $663,000 after acquiring an additional 4,044 shares during the last quarter. Sei Investments Co. raised its holdings in Primoris Services by 19.9% during the 1st quarter. Sei Investments Co. now owns 26,685 shares of the construction company’s stock worth $658,000 after purchasing an additional 4,432 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Primoris Services by 8.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,192,995 shares of the construction company’s stock worth $78,738,000 after purchasing an additional 254,490 shares during the last quarter. First Republic Investment Management Inc. boosted its stake in shares of Primoris Services by 25.8% in the 1st quarter. First Republic Investment Management Inc. now owns 12,498 shares of the construction company’s stock valued at $308,000 after purchasing an additional 2,564 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 2.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 934,871 shares of the construction company’s stock valued at $23,054,000 after purchasing an additional 26,512 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on PRIM shares. DA Davidson boosted their target price on shares of Primoris Services from $34.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 10th. StockNews.com assumed coverage on Primoris Services in a research report on Thursday, August 17th. They set a “buy” rating on the stock.
Insider Activity at Primoris Services
In other news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $30.15, for a total value of $603,000.00. Following the transaction, the director now owns 275,199 shares in the company, valued at $8,297,249.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Primoris Services news, Director Stephen C. Cook sold 4,000 shares of Primoris Services stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $34.08, for a total value of $136,320.00. Following the sale, the director now owns 11,852 shares of the company’s stock, valued at $403,916.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $30.15, for a total transaction of $603,000.00. Following the completion of the sale, the director now directly owns 275,199 shares in the company, valued at approximately $8,297,249.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,000 shares of company stock valued at $1,435,320. 1.40% of the stock is owned by corporate insiders.
Primoris Services Stock Down 4.2 %
Primoris Services stock opened at $34.36 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $1.83 billion, a PE ratio of 11.84 and a beta of 1.26. The firm’s fifty day moving average is $32.41 and its 200 day moving average is $28.42. Primoris Services Co. has a 12-month low of $15.90 and a 12-month high of $36.19.
Primoris Services (NASDAQ:PRIM – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The construction company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.35 billion. Primoris Services had a net margin of 2.36% and a return on equity of 14.77%. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. As a group, sell-side analysts predict that Primoris Services Co. will post 2.7 EPS for the current fiscal year.
Primoris Services Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a $0.06 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.70%. Primoris Services’s dividend payout ratio is presently 10.39%.
About Primoris Services
Primoris Services Corporation, a specialty contractor company, provides a range of specialty 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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