SG Americas Securities LLC Sells 77,463 Shares of Primoris Services Co. (NASDAQ:PRIM)

SG Americas Securities LLC reduced its stake in Primoris Services Co. (NASDAQ:PRIM) by 80.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,865 shares of the construction company’s stock after selling 77,463 shares during the period. SG Americas Securities LLC’s holdings in Primoris Services were worth $1,096,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PRIM. CWM LLC grew its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services during the 2nd quarter worth about $70,000. Canton Hathaway LLC bought a new position in Primoris Services during the 2nd quarter valued at about $100,000. Innealta Capital LLC acquired a new position in Primoris Services in the second quarter valued at about $108,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Primoris Services during the second quarter worth about $119,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $60.13 on Friday. 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 52 week low of $28.96 and a 52 week high of $61.93. The firm has a fifty day moving average of $54.89 and a two-hundred day moving average of $51.62. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 22.69 and a beta of 1.07.

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

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s payout ratio is presently 9.06%.

Insider Buying and Selling

In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,391 shares of company stock worth $3,075,454. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday. They set an “overweight” rating and a $71.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Primoris Services Company 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.