Loomis Sayles & Co. L P Has $22.87 Million Stake in Primoris Services Corp (PRIM)
Loomis Sayles & Co. L P lessened its holdings in shares of Primoris Services Corp (NASDAQ:PRIM) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 921,426 shares of the construction company’s stock after selling 10,547 shares during the period. Loomis Sayles & Co. L P owned approximately 1.80% of Primoris Services worth $22,870,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of PRIM. Deprince Race & Zollo Inc. purchased a new stake in shares of Primoris Services during the 3rd quarter valued at $30,721,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $13,951,000. Alliancebernstein L.P. lifted its holdings in shares of Primoris Services by 52.4% during the 3rd quarter. Alliancebernstein L.P. now owns 1,272,707 shares of the construction company’s stock valued at $31,589,000 after purchasing an additional 437,629 shares during the last quarter. Hillcrest Asset Management LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $10,422,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Primoris Services by 1,265.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 271,061 shares of the construction company’s stock valued at $6,728,000 after purchasing an additional 251,213 shares during the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.
PRIM has been the subject of several analyst reports. ValuEngine lowered Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Zacks Investment Research raised Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research report on Saturday, August 11th. Finally, BidaskClub downgraded Primoris Services from a “buy” rating to a “hold” rating in a research report on Wednesday, September 5th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $30.75.
Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The firm had revenue of $908.90 million for the quarter, compared to the consensus estimate of $789.90 million. During the same period in the prior year, the firm earned $0.40 EPS. The firm’s revenue was up 49.4% on a year-over-year basis. On average, analysts expect that Primoris Services Corp will post 1.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend is Friday, December 28th. Primoris Services’s payout ratio is 20.87%.
In related news, CEO David Lee King sold 7,866 shares of the company’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.44, for a total value of $200,111.04. Following the transaction, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at approximately $158,796.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Brian Pratt sold 725,003 shares of the company’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the completion of the transaction, the director now directly owns 6,946,451 shares in the company, valued at $174,633,778.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 734,833 shares of company stock worth $18,475,786. 19.50% of the stock is owned by insiders.
About Primoris Services
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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