Bank of Montreal Can Has $1.17 Million Stake in Primoris Services Corp (PRIM)
Bank of Montreal Can cut its stake in Primoris Services Corp (NASDAQ:PRIM) by 8.5% in the 2nd quarter, Holdings Channel reports. The firm owned 42,907 shares of the construction company’s stock after selling 3,986 shares during the quarter. Bank of Montreal Can’s holdings in Primoris Services were worth $1,168,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Primoris Services by 103.8% in the first quarter. Dynamic Technology Lab Private Ltd now owns 25,991 shares of the construction company’s stock worth $650,000 after acquiring an additional 13,240 shares during the period. CIBC World Markets Inc. boosted its holdings in shares of Primoris Services by 2.2% in the first quarter. CIBC World Markets Inc. now owns 316,676 shares of the construction company’s stock worth $7,911,000 after acquiring an additional 6,900 shares during the period. Xact Kapitalforvaltning AB bought a new position in shares of Primoris Services in the first quarter worth $253,000. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Primoris Services by 3.6% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,523,733 shares of the construction company’s stock worth $63,043,000 after acquiring an additional 87,444 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of Primoris Services in the first quarter worth $222,000. 70.65% of the stock is owned by hedge funds and other institutional investors.
Shares of PRIM stock opened at $25.38 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.61. Primoris Services Corp has a 52-week low of $23.61 and a 52-week high of $30.00. The firm has a market capitalization of $1.32 billion, a P/E ratio of 22.16, a price-to-earnings-growth ratio of 1.57 and a beta of 1.12.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.
In related news, Director Brian Pratt sold 73,543 shares of the stock in a transaction on Tuesday, June 19th. The stock was sold at an average price of $28.20, for a total value of $2,073,912.60. Following the sale, the director now owns 7,527,217 shares in the company, valued at $212,267,519.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $28.04, for a total value of $560,800.00. The disclosure for this sale can be found here. Insiders sold 263,134 shares of company stock worth $7,403,612 in the last quarter. 19.50% of the stock is currently owned by company insiders.
PRIM has been the subject of a number of analyst reports. Zacks Investment Research raised Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, May 31st. BidaskClub raised Primoris Services from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 12th. Canaccord Genuity raised their price target on Primoris Services from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 9th. Finally, ValuEngine lowered Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, May 9th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $31.00.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
Further Reading: Outstanding Shares and The Effect on Share Price
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