Vanguard Group Inc. Sells 4,760 Shares of Primoris Services Co. (NASDAQ:PRIM)

Vanguard Group Inc. decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 0.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,225,779 shares of the construction company’s stock after selling 4,760 shares during the quarter. Vanguard Group Inc. owned approximately 9.78% of Primoris Services worth $173,548,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in shares of Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after acquiring an additional 288,651 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Primoris Services by 64.9% during the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after purchasing an additional 227,916 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Primoris Services by 4.4% during the fourth quarter. Schroder Investment Management Group now owns 1,005,360 shares of the construction company’s stock valued at $33,388,000 after buying an additional 41,983 shares during the period. Eagle Asset Management Inc. raised its stake in Primoris Services by 2.3% in the fourth quarter. Eagle Asset Management Inc. now owns 215,111 shares of the construction company’s stock worth $7,144,000 after buying an additional 4,914 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in Primoris Services by 162.2% in the fourth quarter. Hsbc Holdings PLC now owns 20,882 shares of the construction company’s stock worth $693,000 after buying an additional 12,919 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Shares of PRIM opened at $49.05 on Thursday. The company has a market capitalization of $2.63 billion, a P/E ratio of 18.51 and a beta of 1.08. Primoris Services Co. has a twelve month low of $28.89 and a twelve month high of $56.62. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. The firm has a 50 day moving average of $51.33 and a 200 day moving average of $42.69.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Wednesday, May 8th. The construction company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. As a group, equities research analysts anticipate that Primoris Services Co. will post 2.67 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Friday, June 28th. Primoris Services’s dividend payout ratio is currently 9.06%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PRIM. DA Davidson upped their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. UBS Group boosted their price target on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Finally, The Goldman Sachs Group raised their price objective on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th.

Insider Activity

In related news, Director Carla S. Mashinski sold 3,883 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total transaction of $209,371.36. Following the transaction, the director now owns 20,454 shares in the company, valued at $1,102,879.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Carla S. Mashinski sold 3,883 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $53.92, for a total transaction of $209,371.36. Following the completion of the sale, the director now owns 20,454 shares in the company, valued at $1,102,879.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.47, for a total value of $494,700.00. Following the completion of the transaction, the chief executive officer now directly owns 60,961 shares in the company, valued at approximately $3,015,740.67. The disclosure for this sale can be found here. Insiders have sold a total of 54,831 shares of company stock valued at $2,807,646 in the last 90 days. 1.30% of the stock is currently owned by insiders.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. 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.