Daiwa Securities Group Inc. Has $1.90 Million Stake in Primoris Services Corporation (NASDAQ:PRIM)

Daiwa Securities Group Inc. raised its position in Primoris Services Corporation (NASDAQ:PRIM) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,100 shares of the construction company’s stock after buying an additional 2,900 shares during the period. Daiwa Securities Group Inc. owned approximately 0.15% of Primoris Services Corporation worth $1,898,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of Primoris Services Corporation by 13.0% in the first quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after buying an additional 595 shares during the period. Coe Capital Management LLC raised its stake in shares of Primoris Services Corporation by 2.6% in the first quarter. Coe Capital Management LLC now owns 32,695 shares of the construction company’s stock worth $759,000 after buying an additional 830 shares during the period. American International Group Inc. raised its stake in shares of Primoris Services Corporation by 7.1% in the first quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock worth $576,000 after buying an additional 1,641 shares during the period. Commerce Bank raised its stake in shares of Primoris Services Corporation by 10.2% in the first quarter. Commerce Bank now owns 18,535 shares of the construction company’s stock worth $431,000 after buying an additional 1,710 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of Primoris Services Corporation 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 buying an additional 2,065 shares during the period. Institutional investors own 69.97% of the company’s stock.

Shares of Primoris Services Corporation (NASDAQ PRIM) traded down 0.49% during trading on Friday, reaching $26.28. The company had a trading volume of 127,750 shares. The firm has a 50-day moving average price of $25.22 and a 200-day moving average price of $24.24. Primoris Services Corporation has a 52-week low of $17.46 and a 52-week high of $29.19. The company has a market capitalization of $1.35 billion, a P/E ratio of 28.60 and a beta of 1.58.

Primoris Services Corporation (NASDAQ:PRIM) last issued its earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.31 by $0.11. The company had revenue of $631.20 million during 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%. The business’s revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS. On average, analysts predict that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Stockholders of record on Friday, September 29th will be given a $0.055 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 0.84%. Primoris Services Corporation’s payout ratio is 23.40%.

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A number of analysts have issued reports on the stock. BidaskClub upgraded shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Canaccord Genuity upped their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research lowered shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Primoris Services Corporation presently has an average rating of “Hold” and a consensus target price of $26.40.

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.

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

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