Martingale Asset Management L P decreased its holdings in Primoris Services Corp (NASDAQ:PRIM) by 46.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,700 shares of the construction company’s stock after selling 29,721 shares during the quarter. Martingale Asset Management L P’s holdings in Primoris Services were worth $664,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Primoris Services by 18.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,628 shares of the construction company’s stock valued at $318,000 after purchasing an additional 2,626 shares during the last quarter. Eagle Asset Management Inc. raised its position in Primoris Services by 0.5% in the 4th quarter. Eagle Asset Management Inc. now owns 296,605 shares of the construction company’s stock valued at $5,674,000 after purchasing an additional 1,598 shares during the last quarter. BlackRock Inc. raised its position in Primoris Services by 2.8% in the 4th quarter. BlackRock Inc. now owns 2,839,156 shares of the construction company’s stock valued at $54,312,000 after purchasing an additional 76,820 shares during the last quarter. GW&K Investment Management LLC increased its stake in Primoris Services by 2.7% in the 4th quarter. GW&K Investment Management LLC now owns 1,128,177 shares of the construction company’s stock valued at $21,582,000 after buying an additional 29,545 shares during the period. Finally, Dean Investment Associates LLC increased its stake in Primoris Services by 29.4% in the 4th quarter. Dean Investment Associates LLC now owns 240,266 shares of the construction company’s stock valued at $4,596,000 after buying an additional 54,541 shares during the period. Hedge funds and other institutional investors own 75.94% of the company’s stock.
Several equities analysts have issued reports on the stock. BidaskClub cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Tuesday, March 5th. Zacks Investment Research cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, TheStreet cut shares of Primoris Services from a “b-” rating to a “c+” rating in a research note on Wednesday, December 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Primoris Services has an average rating of “Hold” and a consensus target price of $29.33.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Thursday, February 28th. The construction company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. The firm had revenue of $877.67 million for the quarter, compared to analysts’ expectations of $838.70 million. Primoris Services had a net margin of 2.64% and a return on equity of 13.91%. The firm’s revenue was up 51.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 EPS. As a group, equities research analysts expect that Primoris Services Corp will post 1.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.24 dividend on an annualized basis and a yield of 1.08%. Primoris Services’s dividend payout ratio (DPR) is 14.12%.
In other Primoris Services news, Director Brian Pratt sold 110,182 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $23.32, for a total value of $2,569,444.24. Following the transaction, the director now directly owns 2,162,824 shares in the company, valued at approximately $50,437,055.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 286,572 shares of company stock worth $6,622,896. 19.50% of the stock is owned by insiders.
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Primoris Services 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.
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