Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 27.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,176 shares of the construction company’s stock after buying an additional 2,828 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Primoris Services were worth $438,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Primoris Services during the 3rd quarter valued at about $288,000. Raymond James & Associates boosted its holdings in Primoris Services by 22.6% in the 3rd quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock valued at $1,998,000 after purchasing an additional 11,254 shares during the last quarter. Strs Ohio grew its stake in shares of Primoris Services by 108.9% in the 3rd quarter. Strs Ohio now owns 25,700 shares of the construction company’s stock valued at $841,000 after buying an additional 13,400 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Primoris Services by 9.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 593,600 shares of the construction company’s stock worth $19,429,000 after buying an additional 49,437 shares during the last quarter. Finally, Inspire Investing LLC purchased a new stake in shares of Primoris Services during the 3rd quarter valued at approximately $307,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on PRIM. The Goldman Sachs Group increased their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. UBS Group boosted their price objective on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. StockNews.com lowered shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th.

Primoris Services Price Performance

PRIM opened at $47.30 on Friday. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 20.39 and a beta of 1.14. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The stock’s 50-day moving average price is $42.90 and its 200 day moving average price is $36.25. Primoris Services Co. has a 12-month low of $23.48 and a 12-month high of $48.40.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.21. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. The business’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, sell-side analysts expect that Primoris Services Co. will post 2.61 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s payout ratio is currently 10.34%.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now owns 29,217 shares in the company, valued at approximately $1,188,839.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Primoris Services news, Director David Lee King sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now owns 29,217 shares in the company, valued at approximately $1,188,839.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $40.61, for a total transaction of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares in the company, valued at $9,635,981.41. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,000 shares of company stock worth $2,040,125. Corporate insiders own 1.40% of the company’s stock.

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. The company operates through Utilities and Energy/Renewables segments. 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.