Alpha Windward LLC Takes Position in Primoris Services Corp (PRIM)

Alpha Windward LLC purchased a new stake in shares of Primoris Services Corp (NASDAQ:PRIM) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 22,140 shares of the construction company’s stock, valued at approximately $458,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Primoris Services during the fourth quarter valued at approximately $47,000. Quantamental Technologies LLC purchased a new stake in shares of Primoris Services during the fourth quarter valued at approximately $80,000. Hsbc Holdings PLC purchased a new stake in shares of Primoris Services during the fourth quarter valued at approximately $201,000. Metropolitan Life Insurance Co. NY lifted its stake in Primoris Services by 355.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,068 shares of the construction company’s stock worth $250,000 after acquiring an additional 10,198 shares during the period. Finally, Legal & General Group Plc lifted its stake in Primoris Services by 8.9% in the fourth quarter. Legal & General Group Plc now owns 16,103 shares of the construction company’s stock worth $309,000 after acquiring an additional 1,315 shares during the period. Institutional investors and hedge funds own 78.03% of the company’s stock.

Shares of PRIM stock opened at $21.65 on Wednesday. Primoris Services Corp has a 52 week low of $17.82 and a 52 week high of $28.90. The firm has a market capitalization of $1.11 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.31 and a beta of 1.43. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.50.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Thursday, February 28th. The construction company reported $0.63 EPS for the quarter, hitting analysts’ consensus estimates of $0.63. Primoris Services had a return on equity of 13.91% and a net margin of 2.64%. The company had revenue of $877.67 million during the quarter, compared to analyst estimates of $838.70 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue was up 51.6% on a year-over-year basis. Sell-side analysts anticipate that Primoris Services Corp will post 1.67 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, March 28th. Primoris Services’s payout ratio is 14.12%.

A number of brokerages recently commented on PRIM. ValuEngine lowered Primoris Services from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a research note on Monday, January 7th. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Wednesday, February 6th. Finally, TheStreet lowered Primoris Services from a “b-” rating to a “c+” rating in a research note on Wednesday, December 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Primoris Services currently has a consensus rating of “Hold” and a consensus price target of $29.33.

In other Primoris Services news, Director Brian Pratt sold 110,182 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $23.32, for a total transaction of $2,569,444.24. Following the completion of the transaction, the director now owns 2,162,824 shares of the company’s stock, valued at $50,437,055.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 599,274 shares of company stock valued at $13,254,452 in the last ninety days. 19.50% of the stock is currently owned by insiders.

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Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

See Also: Are all No-Load Funds Equal?

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

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