Primoris Services Corporation (PRIM) Position Boosted by Divisar Capital Management LLC
Divisar Capital Management LLC increased its holdings in Primoris Services Corporation (NASDAQ:PRIM) by 19.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 264,251 shares of the construction company’s stock after purchasing an additional 42,892 shares during the quarter. Primoris Services Corporation accounts for about 3.0% of Divisar Capital Management LLC’s holdings, making the stock its 16th largest holding. Divisar Capital Management LLC owned 0.51% of Primoris Services Corporation worth $6,590,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in Primoris Services Corporation by 4.2% during the first quarter. Bank of New York Mellon Corp now owns 252,806 shares of the construction company’s stock worth $5,870,000 after purchasing an additional 10,219 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Primoris Services Corporation by 51.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 15,671 shares of the construction company’s stock valued at $363,000 after buying an additional 5,326 shares in the last quarter. Clinton Group Inc. lifted its position in shares of Primoris Services Corporation by 97.1% during the 1st quarter. Clinton Group Inc. now owns 21,386 shares of the construction company’s stock valued at $497,000 after buying an additional 10,537 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Primoris Services Corporation by 13.0% during the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock valued at $120,000 after buying an additional 595 shares in the last quarter. Finally, American International Group Inc. lifted its position in shares of Primoris Services Corporation by 7.1% during the 1st quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock valued at $576,000 after buying an additional 1,641 shares in the last quarter. 69.72% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. BidaskClub lowered shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. Finally, Canaccord Genuity lifted their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $27.00.
In other Primoris Services Corporation news, Director Brian Pratt sold 105,734 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the sale, the director now owns 9,646,585 shares of the company’s stock, valued at $272,033,697. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders have sold a total of 1,548,356 shares of company stock valued at $43,921,202 in the last ninety days. Corporate insiders own 24.00% of the company’s stock.
Primoris Services Corporation (NASDAQ PRIM) traded down 0.04% on Wednesday, reaching $28.51. 275,068 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $28.10 and a 200-day moving average of $25.04. Primoris Services Corporation has a 12-month low of $18.71 and a 12-month high of $30.00. The company has a market cap of $1.47 billion, a P/E ratio of 31.02 and a beta of 1.55.
Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The company had revenue of $631.20 million for the quarter, compared to analyst estimates of $582.82 million. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. Primoris Services Corporation’s revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. Equities analysts expect that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 14th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 0.77%. The ex-dividend date is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is presently 23.40%.
ILLEGAL ACTIVITY WARNING: This piece of content was first published by Watch List News and is the property of of Watch List News. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright laws. The legal version of this piece of content can be read at https://www.watchlistnews.com/primoris-services-corporation-prim-position-boosted-by-divisar-capital-management-llc/1607998.html.
About Primoris Services Corporation
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.
Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Corporation (NASDAQ:PRIM).
Receive News & Ratings for Primoris Services Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.