State Board of Administration of Florida Retirement System cut its position in shares of Primoris Services Corp. (NASDAQ:PRIM) by 20.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,993 shares of the company’s stock after selling 4,874 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Primoris Services Corp. were worth $360,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares during the period. Barclays PLC raised its stake in Primoris Services Corp. by 341.1% in the first quarter. Barclays PLC now owns 12,352 shares of the company’s stock worth $296,000 after buying an additional 9,552 shares during the period. LaSalle Street Capital Management LLC raised its stake in Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock worth $375,000 after buying an additional 327 shares during the period. Renaissance Technologies LLC bought a new stake in Primoris Services Corp. during the first quarter worth about $552,000. Finally, Capital Fund Management S.A. bought a new stake in Primoris Services Corp. during the second quarter worth about $854,000. Institutional investors and hedge funds own 74.49% of the company’s stock.
Primoris Services Corp. (NASDAQ:PRIM) traded down 0.91% on Wednesday, reaching $19.53. The company’s stock had a trading volume of 100,091 shares. The firm has a market capitalization of $1.01 billion, a PE ratio of 25.73 and a beta of 1.70. Primoris Services Corp. has a 52 week low of $16.13 and a 52 week high of $25.25. The stock’s 50 day moving average is $19.81 and its 200-day moving average is $20.37.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The firm had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. Primoris Services Corp.’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Analysts predict that Primoris Services Corp. will post $0.75 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.12%. Primoris Services Corp.’s dividend payout ratio is currently 28.95%.
A number of equities research analysts have weighed in on PRIM shares. DA Davidson lowered Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Zacks Investment Research upgraded Primoris Services Corp. from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 6th. Finally, Seaport Global Securities upgraded Primoris Services Corp. from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $24.00 in a research note on Thursday, August 25th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $24.80.
Primoris Services Corp. Company Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.