Raymond James Financial Services Advisors Inc. purchased a new stake in Primoris Services Co. (NASDAQ:PRIM – Get Rating) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 27,614 shares of the construction company’s stock, valued at approximately $449,000. Raymond James Financial Services Advisors Inc. owned approximately 0.05% of Primoris Services as of its most recent filing with the SEC.
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Other institutional investors have also modified their holdings of the company. Amalgamated Bank bought a new stake in shares of Primoris Services in the 1st quarter valued at about $154,000. First Republic Investment Management Inc. acquired a new stake in Primoris Services in the 1st quarter worth approximately $263,000. Verition Fund Management LLC acquired a new stake in Primoris Services in the 1st quarter worth approximately $298,000. PNC Financial Services Group Inc. boosted its stake in Primoris Services by 44.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,568 shares of the construction company’s stock worth $299,000 after purchasing an additional 3,862 shares in the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in Primoris Services in the 2nd quarter worth approximately $280,000. 88.14% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
PRIM has been the subject of a number of recent analyst reports. StockNews.com cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, November 19th. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $18.00 to $20.00 and gave the stock a “sell” rating in a research note on Wednesday, November 9th. Finally, Morgan Stanley decreased their price objective on shares of Primoris Services from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, November 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Primoris Services has a consensus rating of “Hold” and a consensus target price of $25.00.
Primoris Services Stock Performance
Shares of NASDAQ PRIM opened at $26.03 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.05. Primoris Services Co. has a 12 month low of $15.90 and a 12 month high of $27.94. The company has a 50 day simple moving average of $22.48 and a two-hundred day simple moving average of $21.00. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 11.62 and a beta of 1.19.
Primoris Services (NASDAQ:PRIM – Get Rating) last posted its earnings results on Monday, November 7th. The construction company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.23. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.20 billion. Primoris Services had a net margin of 3.04% and a return on equity of 11.88%. As a group, analysts predict that Primoris Services Co. will post 2.49 earnings per share for the current year.
Primoris Services Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Thursday, December 29th. Primoris Services’s dividend payout ratio (DPR) is 10.71%.
Insider Activity
In other news, COO John F. Moreno, Jr. sold 10,000 shares of Primoris Services stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $22.34, for a total transaction of $223,400.00. Following the completion of the transaction, the chief operating officer now directly owns 12,424 shares of the company’s stock, valued at approximately $277,552.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO John F. Moreno, Jr. sold 10,000 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $22.34, for a total value of $223,400.00. Following the completion of the sale, the chief operating officer now owns 12,424 shares of the company’s stock, valued at approximately $277,552.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen C. Cook sold 6,973 shares of the business’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $20.75, for a total transaction of $144,689.75. Following the completion of the sale, the director now directly owns 22,447 shares of the company’s stock, valued at approximately $465,775.25. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.
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