Canada Pension Plan Investment Board Purchases 23,200 Shares of Primoris Services Co. (NASDAQ:PRIM)

Canada Pension Plan Investment Board lifted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 74.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 54,286 shares of the construction company’s stock after purchasing an additional 23,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Primoris Services were worth $2,708,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC grew its position in Primoris Services by 185.7% in the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after acquiring an additional 42,112 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Primoris Services by 64.9% in the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after purchasing an additional 227,916 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Primoris Services in the 4th quarter worth about $805,000. LSV Asset Management lifted its holdings in Primoris Services by 9.9% during the 1st quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after buying an additional 52,274 shares in the last quarter. Finally, Boston Partners boosted its position in Primoris Services by 5.7% in the 1st quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after buying an additional 28,997 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $57.51 on Friday. The firm’s 50 day simple moving average is $54.02 and its 200-day simple moving average is $50.33. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. Primoris Services Co. has a one year low of $28.96 and a one year high of $60.26. The firm has a market cap of $3.08 billion, a PE ratio of 21.70 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. Primoris Services’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.80 earnings per share. As a group, equities analysts predict that Primoris Services Co. will post 2.82 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.42%. Primoris Services’s payout ratio is currently 9.06%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 over the last three months. 1.40% of the stock is owned by company insiders.

Primoris Services Profile

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.