Great West Life Assurance Co. Can grew its holdings in shares of Primoris Services Corporation (NASDAQ:PRIM) by 159.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,985 shares of the construction company’s stock after purchasing an additional 3,675 shares during the period. Great West Life Assurance Co. Can’s holdings in Primoris Services were worth $175,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of PRIM. CIBC World Markets Inc. lifted its stake in Primoris Services by 1.9% during the second quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after buying an additional 6,000 shares in the last quarter. Chicago Equity Partners LLC purchased a new stake in Primoris Services during the second quarter valued at about $575,000. Bessemer Group Inc. purchased a new stake in Primoris Services during the third quarter valued at about $615,000. Prudential Financial Inc. purchased a new stake in Primoris Services during the third quarter valued at about $1,578,000. Finally, Susquehanna International Group LLP lifted its stake in Primoris Services by 193.8% during the second quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock valued at $2,886,000 after buying an additional 76,335 shares in the last quarter. Institutional investors own 70.46% of the company’s stock.
A number of analysts have commented on PRIM shares. Zacks Investment Research raised shares of Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Saturday, October 14th. Canaccord Genuity reaffirmed a “buy” rating and set 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 reissued a “buy” rating and issued a $32.00 price target (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Primoris Services currently has an average rating of “Hold” and a consensus target price of $31.67.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.09. The business had revenue of $608.31 million during the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 earnings per share. research analysts anticipate that Primoris Services Corporation will post 1.2 EPS for the current fiscal 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 represents a $0.24 dividend on an annualized basis and a dividend yield of 0.86%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, December 28th. Primoris Services’s dividend payout ratio is 17.60%.
In other news, Director Stephen C. Cook sold 3,980 shares of the stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total value of $110,723.60. Following the completion of the sale, the director now directly owns 10,502 shares of the company’s stock, valued at $292,165.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Lee King sold 9,077 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $27.43, for a total transaction of $248,982.11. Following the completion of the sale, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at $171,218.06. The disclosure for this sale can be found here. 24.00% of the stock is owned by corporate insiders.
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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