34,866 Primoris Services Corporation $PRIM Shares Sold by CenterBook Partners LP

CenterBook Partners LP cut its holdings in Primoris Services Corporation (NYSE:PRIM) by 40.3% in the third quarter, Holdings Channel.com reports. The fund owned 51,575 shares of the company’s stock after selling 34,866 shares during the quarter. CenterBook Partners LP’s holdings in Primoris Services were worth $3,843,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PRIM. Pekin Hardy Strauss Inc. raised its stake in shares of Primoris Services by 13.0% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 19,860 shares of the company’s stock valued at $1,480,000 after acquiring an additional 2,291 shares in the last quarter. Salomon & Ludwin LLC boosted its position in Primoris Services by 107.1% during the third quarter. Salomon & Ludwin LLC now owns 377 shares of the company’s stock worth $28,000 after purchasing an additional 195 shares during the period. Asset Management One Co. Ltd. bought a new stake in Primoris Services during the third quarter worth approximately $891,000. Park Avenue Securities LLC boosted its position in Primoris Services by 20.3% during the third quarter. Park Avenue Securities LLC now owns 14,671 shares of the company’s stock worth $1,093,000 after purchasing an additional 2,480 shares during the period. Finally, Capelight Capital Asset Management LP acquired a new position in Primoris Services during the third quarter valued at approximately $745,000. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $105.00 price target on shares of Primoris Services in a research report on Tuesday, September 29th. UBS Group reaffirmed a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Wall Street Zen upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Saturday. Roth Capital reiterated a “buy” rating and issued a $100.00 target price on shares of Primoris Services in a report on Monday, July 20th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $99.00 target price on shares of Primoris Services in a research report on Thursday, October 8th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.20.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $65.46 on Friday. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 36.98 and a beta of 1.44. The business has a 50 day moving average price of $74.55 and a 200 day moving average price of $111.35. The company has a quick ratio of 1.18, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. Primoris Services Corporation has a twelve month low of $57.72 and a twelve month high of $205.50.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $0.81 by $0.39. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $2 billion. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 EPS. Research analysts predict that Primoris Services Corporation will post 1.77 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Thursday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Primoris Services’s dividend payout ratio (DPR) is presently 18.08%.

Primoris Services Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.