According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “
Separately, BidaskClub upgraded shares of Primoris Services from a strong sell rating to a sell rating in a research report on Thursday, September 12th.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Primoris Services had a net margin of 2.62% and a return on equity of 13.95%. The business had revenue of $789.90 million during the quarter, compared to the consensus estimate of $749.23 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The company’s revenue was up 21.7% compared to the same quarter last year. Equities research analysts forecast that Primoris Services will post 1.69 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.15%. Primoris Services’s dividend payout ratio (DPR) is presently 14.12%.
In related news, Director Brian Pratt sold 19,678 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $20.01, for a total transaction of $393,756.78. Following the completion of the transaction, the director now owns 2,114,721 shares in the company, valued at approximately $42,315,567.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 2,349 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.92, for a total transaction of $49,141.08. Following the transaction, the director now owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,348 shares of company stock valued at $5,845,655. Insiders own 13.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van Berkom & Associates Inc. raised its position in shares of Primoris Services by 22.0% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,250,146 shares of the construction company’s stock worth $68,026,000 after purchasing an additional 587,063 shares during the last quarter. Hillcrest Asset Management LLC raised its position in shares of Primoris Services by 0.6% during the 2nd quarter. Hillcrest Asset Management LLC now owns 510,858 shares of the construction company’s stock worth $10,692,000 after purchasing an additional 3,060 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Primoris Services during the 2nd quarter worth about $6,052,000. AQR Capital Management LLC raised its position in shares of Primoris Services by 8.0% during the 2nd quarter. AQR Capital Management LLC now owns 59,766 shares of the construction company’s stock worth $1,251,000 after purchasing an additional 4,414 shares during the last quarter. Finally, Divisar Capital Management LLC raised its position in shares of Primoris Services by 14.8% during the 2nd quarter. Divisar Capital Management LLC now owns 310,749 shares of the construction company’s stock worth $6,504,000 after purchasing an additional 40,000 shares during the last quarter. Hedge funds and other institutional investors own 79.20% of the company’s stock.
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.
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