Primoris Services Corporation (PRIM) Stake Decreased by Russell Investments Group Ltd.
Russell Investments Group Ltd. cut its stake in Primoris Services Corporation (NASDAQ:PRIM) by 39.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 251,615 shares of the construction company’s stock after selling 161,293 shares during the period. Russell Investments Group Ltd. owned about 0.49% of Primoris Services Corporation worth $6,275,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Stevens Capital Management LP acquired a new position in Primoris Services Corporation during the first quarter valued at $225,000. Commerce Bank boosted its position in Primoris Services Corporation by 10.2% in the first quarter. Commerce Bank now owns 18,535 shares of the construction company’s stock valued at $431,000 after buying an additional 1,710 shares in the last quarter. Teza Capital Management LLC acquired a new position in Primoris Services Corporation during the first quarter valued at $320,000. Van Berkom & Associates Inc. boosted its position in Primoris Services Corporation by 0.5% in the first quarter. Van Berkom & Associates Inc. now owns 2,043,486 shares of the construction company’s stock valued at $47,450,000 after buying an additional 10,030 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Primoris Services Corporation by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 252,806 shares of the construction company’s stock valued at $5,870,000 after buying an additional 10,219 shares in the last quarter. Hedge funds and other institutional investors own 69.97% of the company’s stock.
Shares of Primoris Services Corporation (PRIM) traded down 0.34% during mid-day trading on Monday, hitting $26.19. The company had a trading volume of 39,504 shares. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 28.50 and a beta of 1.58. The company has a 50-day moving average price of $25.22 and a 200-day moving average price of $24.24. Primoris Services Corporation has a 1-year low of $17.46 and a 1-year high of $29.19.
Primoris Services Corporation (NASDAQ:PRIM) last announced its earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The business had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $582.82 million. During the same period in the prior year, the business posted $0.10 earnings per share. The firm’s revenue was up 38.2% on a year-over-year basis. On average, equities analysts anticipate that Primoris Services Corporation will post $1.19 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s payout ratio is presently 23.40%.
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Several analysts recently commented on the company. TheStreet raised Primoris Services Corporation from a “c+” rating to a “b-” rating in a report on Friday, August 11th. BidaskClub raised Primoris Services Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Canaccord Genuity lifted their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Finally, Zacks Investment Research lowered Primoris Services Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $26.40.
Primoris Services Corporation Company Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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