Dakota Wealth Management purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM – Free Report) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 7,053 shares of the construction company’s stock, valued at approximately $539,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. USA Financial Formulas purchased a new stake in Primoris Services during the 4th quarter worth approximately $27,000. Nisa Investment Advisors LLC lifted its stake in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. grew its holdings in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services in the 3rd quarter valued at $59,000. Finally, TD Private Client Wealth LLC raised its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.
Insider Activity at Primoris Services
In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Check Out Our Latest Analysis on PRIM
Primoris Services Stock Performance
Shares of NASDAQ PRIM opened at $86.40 on Friday. The company has a market capitalization of $4.64 billion, a PE ratio of 28.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company’s fifty day moving average price is $81.37 and its 200 day moving average price is $66.42. Primoris Services Co. has a 1 year low of $32.39 and a 1 year high of $90.86.
Primoris Services (NASDAQ:PRIM – Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. On average, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.
Primoris Services Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.
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.
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