Convergence Investment Partners LLC Takes $736,000 Position in Primoris Services Corporation (PRIM)
Convergence Investment Partners LLC bought a new position in Primoris Services Corporation (NASDAQ:PRIM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,024 shares of the construction company’s stock, valued at approximately $736,000.
Several other hedge funds and other institutional investors have also bought and sold shares of PRIM. Teachers Advisors LLC grew its stake in shares of Primoris Services by 3.0% in the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock worth $1,665,000 after purchasing an additional 2,065 shares during the last quarter. State Street Corp boosted its position in Primoris Services by 4.2% during the 1st quarter. State Street Corp now owns 720,732 shares of the construction company’s stock valued at $16,735,000 after acquiring an additional 29,163 shares in the last quarter. Strs Ohio bought a new stake in Primoris Services during the 2nd quarter valued at approximately $226,000. Schwab Charles Investment Management Inc. boosted its position in Primoris Services by 9.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 286,635 shares of the construction company’s stock valued at $7,149,000 after acquiring an additional 25,404 shares in the last quarter. Finally, Bar Harbor Trust Services bought a new stake in Primoris Services during the 2nd quarter valued at approximately $4,202,000. 70.46% of the stock is currently owned by institutional investors.
Shares of Primoris Services Corporation (PRIM) opened at $27.89 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.41 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1,443.14, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 2.34 and a beta of 1.59. Primoris Services Corporation has a 12-month low of $21.83 and a 12-month high of $30.00.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $588.19 million. During the same period in the previous year, the firm posted $0.09 EPS. The business’s revenue was up 19.8% on a year-over-year basis. equities research analysts anticipate that Primoris Services Corporation will post 1.2 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a $0.06 dividend. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services’s payout ratio is currently 17.60%.
In other news, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the sale, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian Pratt sold 181,982 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $28.35, for a total value of $5,159,189.70. Following the completion of the sale, the director now directly owns 9,332,324 shares in the company, valued at $264,571,385.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,025,590 shares of company stock worth $29,237,653. Insiders own 24.00% of the company’s stock.
Several research firms have weighed in on PRIM. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Saturday, October 14th. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price objective (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a research report on Tuesday, September 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Finally, TheStreet raised Primoris Services from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $31.67.
Primoris Services Profile
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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