Primoris Services Corp (NASDAQ:PRIM) CFO Peter J. Moerbeek purchased 3,195 shares of the stock in a transaction on Monday, February 26th. The shares were purchased at an average price of $20.87 per share, for a total transaction of $66,679.65. Following the transaction, the chief financial officer now directly owns 28,863 shares of the company’s stock, valued at $602,370.81. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.
Primoris Services Corp (NASDAQ PRIM) traded down $0.07 on Wednesday, hitting $26.16. The stock had a trading volume of 163,685 shares, compared to its average volume of 290,446. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.55. The stock has a market capitalization of $1,337.24, a P/E ratio of 18.55, a P/E/G ratio of 1.70 and a beta of 1.28. Primoris Services Corp has a 1 year low of $21.83 and a 1 year high of $30.00.
Primoris Services (NASDAQ:PRIM) last posted its earnings results on Tuesday, February 27th. The construction company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.02. The company had revenue of $579.02 million for the quarter, compared to analysts’ expectations of $558.67 million. Primoris Services had a return on equity of 11.11% and a net margin of 3.04%. Primoris Services’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.28 earnings per share. analysts expect that Primoris Services Corp will post 1.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. Primoris Services’s payout ratio is presently 17.02%.
A number of research firms have weighed in on PRIM. DA Davidson upgraded Primoris Services from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 28th. Sidoti upgraded Primoris Services from a “neutral” rating to a “buy” rating in a report on Wednesday, February 28th. BidaskClub upgraded Primoris Services from a “strong sell” rating to a “sell” rating in a report on Friday, March 2nd. Stephens reiterated a “hold” rating and issued a $28.00 price objective on shares of Primoris Services in a report on Tuesday, February 27th. Finally, Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, March 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $29.50.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares during the last quarter. Northern Trust Corp grew its stake in shares of Primoris Services by 0.3% in the second quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after purchasing an additional 1,657 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Primoris Services by 10.6% in the second quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock worth $500,000 after purchasing an additional 1,927 shares during the last quarter. American International Group Inc. boosted its position in Primoris Services by 8.1% during the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock valued at $778,000 after acquiring an additional 1,978 shares in the last quarter. Finally, First Quadrant L P CA boosted its position in 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 acquiring an additional 2,276 shares in the last quarter. 71.76% of the stock is currently owned by institutional investors.
About Primoris Services
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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