First Mercantile Trust Co. raised its stake in Primoris Services Corp. (NASDAQ:PRIM) by 24.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,055 shares of the company’s stock after buying an additional 1,209 shares during the period. First Mercantile Trust Co.’s holdings in Primoris Services Corp. were worth $115,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new position in Primoris Services Corp. during the first quarter valued at $19,955,000. Emerald Acquisition Ltd. purchased a new position in Primoris Services Corp. during the second quarter valued at $9,209,000. Van Berkom & Associates Inc. increased its position in Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock valued at $42,100,000 after buying an additional 262,147 shares during the period. Frontier Capital Management Co. LLC increased its position in Primoris Services Corp. by 19.1% in the second quarter. Frontier Capital Management Co. LLC now owns 1,439,585 shares of the company’s stock valued at $27,251,000 after buying an additional 230,615 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Primoris Services Corp. by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,163 shares of the company’s stock valued at $37,919,000 after buying an additional 149,869 shares during the period. 74.49% of the stock is currently owned by institutional investors.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 20.94 on Friday. The firm has a 50-day moving average of $19.60 and a 200-day moving average of $20.48. Primoris Services Corp. has a 1-year low of $16.13 and a 1-year high of $25.25. The firm has a market capitalization of $1.08 billion, a PE ratio of 27.59 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The firm earned $456.81 million during 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%. The business’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 earnings per share. On average, equities research analysts anticipate that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.055 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.05%. Primoris Services Corp.’s dividend payout ratio is 28.95%.
Several research analysts have recently weighed in on the stock. DA Davidson downgraded shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. Zacks Investment Research downgraded shares of Primoris Services Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Finally, Seaport Global Securities raised shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $20.00 to $24.00 in a research report on Thursday, August 25th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $24.80.
About Primoris Services Corp.
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.
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