American International Group Inc. Raises Holdings in Primoris Services Corporation (PRIM)

American International Group Inc. raised its stake in shares of Primoris Services Corporation (NASDAQ:PRIM) by 8.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,447 shares of the construction company’s stock after buying an additional 1,978 shares during the period. American International Group Inc. owned about 0.05% of Primoris Services worth $778,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in shares of Primoris Services by 8.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the period. First Quadrant L P CA boosted its stake in shares of Primoris Services by 109.4% during the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after buying an additional 2,276 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Primoris Services during the 3rd quarter valued at $138,000. BNP Paribas Arbitrage SA boosted its stake in shares of Primoris Services by 554.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Primoris Services by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares during the period. 70.46% of the stock is owned by institutional investors.

PRIM has been the subject of a number of research reports. Zacks Investment Research raised shares of Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Saturday, October 14th. Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Primoris Services in a research note on Tuesday, November 7th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a research note on Tuesday, September 19th. Finally, Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 price objective (up previously from $29.00) on shares of Primoris Services in a research note on Wednesday, October 11th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.67.

In related news, CEO David Lee King sold 9,077 shares of Primoris Services stock in a transaction on Friday, December 1st. The shares were sold at an average price of $27.43, for a total value of $248,982.11. Following the transaction, the chief executive officer now owns 6,242 shares in the company, valued at approximately $171,218.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services stock in a transaction on Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the transaction, the chief financial officer now owns 43,346 shares in the company, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. 24.00% of the stock is currently owned by insiders.

Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $27.96 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. Primoris Services Corporation has a 52 week low of $21.83 and a 52 week high of $30.00. The stock has a market cap of $1,436.45, a price-to-earnings ratio of 23.86, a P/E/G ratio of 2.33 and a beta of 1.59.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.09. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business had revenue of $608.31 million during the quarter, compared to analyst estimates of $588.19 million. During the same quarter in the previous year, the business earned $0.09 EPS. Primoris Services’s quarterly revenue was up 19.8% compared to the same quarter last year. research analysts forecast that Primoris Services Corporation will post 1.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Thursday, December 28th. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is presently 17.60%.

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Primoris Services Company 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.

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

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