Wells Fargo & Company MN decreased its position in Primoris Services Corp (NASDAQ:PRIM) by 3.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 229,455 shares of the construction company’s stock after selling 7,901 shares during the quarter. Wells Fargo & Company MN owned approximately 0.45% of Primoris Services worth $4,802,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PRIM. Hilton Capital Management LLC purchased a new position in Primoris Services during the 1st quarter valued at approximately $60,000. First Mercantile Trust Co. lifted its stake in shares of Primoris Services by 32.6% during the 1st quarter. First Mercantile Trust Co. now owns 5,082 shares of the construction company’s stock worth $105,000 after acquiring an additional 1,250 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Primoris Services during the 1st quarter worth approximately $112,000. Aperio Group LLC bought a new stake in shares of Primoris Services during the 2nd quarter worth approximately $152,000. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Primoris Services by 398.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,671 shares of the construction company’s stock worth $200,000 after acquiring an additional 7,730 shares during the last quarter. 79.20% of the stock is currently owned by institutional investors.
A number of brokerages have weighed in on PRIM. Zacks Investment Research lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, September 14th. BidaskClub raised Primoris Services from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 12th.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The business had revenue of $789.90 million during the quarter, compared to analysts’ expectations of $749.23 million. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 EPS. Research analysts forecast that Primoris Services Corp will post 1.69 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.06 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.17%. Primoris Services’s dividend payout ratio (DPR) is presently 14.12%.
In other news, Director Brian Pratt sold 19,678 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $20.01, for a total value of $393,756.78. Following the completion of the transaction, the director now owns 2,114,721 shares of the company’s stock, valued at approximately $42,315,567.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 2,349 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $20.92, for a total value of $49,141.08. Following the completion of the transaction, the director now directly owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. In the last three months, insiders sold 286,348 shares of company stock valued at $5,845,655. Insiders own 13.80% of the company’s stock.
Primoris Services Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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