Prudential Financial Inc. Purchases New Position in Primoris Services Corporation (PRIM)

Prudential Financial Inc. purchased a new position in shares of Primoris Services Corporation (NASDAQ:PRIM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 53,665 shares of the construction company’s stock, valued at approximately $1,578,000. Prudential Financial Inc. owned approximately 0.10% of Primoris Services at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its stake in Primoris Services by 8.2% during the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after buying an additional 320 shares in the last quarter. First Quadrant L P CA boosted its stake in Primoris Services by 109.4% during the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after buying an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Primoris Services during the third quarter worth $138,000. BNP Paribas Arbitrage SA boosted its stake in shares of Primoris Services by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after purchasing an additional 4,721 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after purchasing an additional 910 shares in the last quarter. Hedge funds and other institutional investors own 70.46% of the company’s stock.

Shares of Primoris Services Corporation (PRIM) opened at $28.30 on Thursday. Primoris Services Corporation has a 52 week low of $21.83 and a 52 week high of $30.00. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. The company has a market cap of $1,440.00, a price-to-earnings ratio of 24.26, a PEG ratio of 2.37 and a beta of 1.58.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.09. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The business had revenue of $608.31 million during the quarter, compared to analysts’ expectations of $588.19 million. During the same period in the previous year, the business posted $0.09 earnings per share. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. sell-side analysts expect that Primoris Services Corporation will post 1.2 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.85%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services’s payout ratio is currently 17.74%.

In related news, Director Brian Pratt sold 108,062 shares of Primoris Services stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $28.07, for a total value of $3,033,300.34. Following the completion of the transaction, the director now directly owns 9,332,324 shares of the company’s stock, valued at $261,958,334.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders sold 1,337,523 shares of company stock valued at $37,996,732 over the last ninety days. 24.00% of the stock is currently owned by company insiders.

Several equities research analysts have recently commented on PRIM shares. Canaccord Genuity boosted their target price on shares of Primoris Services from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Zacks Investment Research downgraded shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. TheStreet upgraded shares of Primoris Services from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Finally, KeyCorp restated a “hold” rating on shares of Primoris Services in a research note on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $31.67.

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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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Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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