Martingale Asset Management L P increased its position in Primoris Services Corp (NASDAQ:PRIM) by 120.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 121,946 shares of the construction company’s stock after buying an additional 66,725 shares during the period. Martingale Asset Management L P’s holdings in Primoris Services were worth $3,316,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in PRIM. American Century Companies Inc. increased its holdings in Primoris Services by 750.3% in the fourth quarter. American Century Companies Inc. now owns 243,431 shares of the construction company’s stock worth $6,619,000 after buying an additional 214,802 shares during the last quarter. BlackRock Inc. increased its holdings in Primoris Services by 5.6% in the fourth quarter. BlackRock Inc. now owns 2,523,501 shares of the construction company’s stock worth $68,614,000 after buying an additional 133,239 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Primoris Services by 242.1% during the third quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock worth $4,800,000 after purchasing an additional 115,450 shares during the period. First Trust Advisors LP boosted its position in Primoris Services by 94.7% during the fourth quarter. First Trust Advisors LP now owns 236,775 shares of the construction company’s stock worth $6,438,000 after purchasing an additional 115,136 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in Primoris Services by 36.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 408,131 shares of the construction company’s stock worth $11,098,000 after purchasing an additional 108,152 shares during the period. Hedge funds and other institutional investors own 69.74% of the company’s stock.
In other news, Director John P. Schauerman sold 50,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $28.00, for a total value of $1,400,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter J. Moerbeek acquired 3,195 shares of Primoris Services stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $20.87 per share, with a total value of $66,679.65. Following the completion of the transaction, the chief financial officer now directly owns 28,863 shares of the company’s stock, valued at approximately $602,370.81. The disclosure for this purchase can be found here. Over the last three months, insiders bought 16,327 shares of company stock valued at $340,744 and sold 63,057 shares valued at $1,759,706. 24.00% of the stock is currently owned by corporate insiders.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, February 27th. The construction company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.02. Primoris Services had a return on equity of 11.11% and a net margin of 3.04%. The company had revenue of $579.02 million during the quarter, compared to analysts’ expectations of $558.67 million. During the same period in the prior year, the business earned $0.28 earnings per share. Primoris Services’s revenue for the quarter was down 3.8% compared to the same quarter last year. equities analysts forecast that Primoris Services Corp will post 1.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be given a $0.06 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. Primoris Services’s dividend payout ratio is 17.02%.
A number of equities research analysts have issued reports on PRIM shares. Zacks Investment Research cut Primoris Services from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. Stephens reaffirmed a “hold” rating and set a $28.00 target price on shares of Primoris Services in a research report on Tuesday. BidaskClub cut Primoris Services from a “sell” rating to a “strong sell” rating in a research report on Saturday, January 20th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 target price on shares of Primoris Services in a research report on Tuesday, November 7th. Finally, Sidoti raised Primoris Services from a “neutral” rating to a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Primoris Services has a consensus rating of “Hold” and an average price target of $30.75.
About Primoris Services
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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