Chicago Equity Partners LLC Buys New Holdings in Primoris Services Corp (PRIM)

Chicago Equity Partners LLC bought a new stake in shares of Primoris Services Corp (NASDAQ:PRIM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 93,915 shares of the construction company’s stock, valued at approximately $2,331,000.

A number of other hedge funds also recently bought and sold shares of the business. Victory Capital Management Inc. grew its holdings in Primoris Services by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock valued at $405,000 after buying an additional 2,038 shares in the last quarter. Global X Management Co LLC grew its holdings in Primoris Services by 19.1% during the 2nd quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock valued at $359,000 after buying an additional 2,114 shares in the last quarter. CIBC World Markets Inc. grew its holdings in Primoris Services by 0.9% during the 2nd quarter. CIBC World Markets Inc. now owns 319,436 shares of the construction company’s stock valued at $8,698,000 after buying an additional 2,760 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Primoris Services by 17.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,397 shares of the construction company’s stock valued at $556,000 after buying an additional 3,254 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Primoris Services by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 41,441 shares of the construction company’s stock valued at $1,128,000 after buying an additional 4,190 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have weighed in on PRIM shares. ValuEngine lowered Primoris Services from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a report on Tuesday, November 6th. Finally, Zacks Investment Research raised Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a report on Saturday, August 11th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Primoris Services presently has an average rating of “Hold” and an average target price of $30.75.

Shares of PRIM opened at $24.06 on Friday. The stock has a market cap of $1.24 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. The company has a quick ratio of 1.55, a current ratio of 1.43 and a debt-to-equity ratio of 0.52. Primoris Services Corp has a 12-month low of $20.79 and a 12-month high of $28.96.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The firm had revenue of $908.90 million during the quarter, compared to the consensus estimate of $789.90 million. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The company’s revenue for the quarter was up 49.4% on a year-over-year basis. During the same quarter last year, the company posted $0.40 EPS. On average, equities analysts forecast that Primoris Services Corp will post 1.58 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.

In other news, Director Stephen C. Cook sold 1,964 shares of Primoris Services stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $25.00, for a total transaction of $49,100.00. Following the completion of the sale, the director now owns 11,897 shares in the company, valued at approximately $297,425. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the sale, the director now owns 6,946,451 shares of the company’s stock, valued at approximately $174,633,778.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 734,833 shares of company stock valued at $18,475,786. Corporate insiders own 19.50% of the company’s stock.

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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, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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

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