Legato Capital Management LLC Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Legato Capital Management LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 13,988 shares of the construction company’s stock, valued at approximately $698,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bailard Inc. acquired a new position in shares of Primoris Services in the second quarter worth $220,000. Bank of New York Mellon Corp increased its position in Primoris Services by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares in the last quarter. Summit Global Investments acquired a new position in Primoris Services in the 2nd quarter valued at about $280,000. Canton Hathaway LLC purchased a new position in Primoris Services in the 2nd quarter valued at about $100,000. Finally, Freedom Day Solutions LLC boosted its stake in shares of Primoris Services by 3.8% during the 2nd quarter. Freedom Day Solutions LLC now owns 47,540 shares of the construction company’s stock worth $2,372,000 after purchasing an additional 1,745 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $55.20 on Wednesday. The company has a 50-day simple moving average of $52.43 and a 200-day simple moving average of $48.10. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market cap of $2.96 billion, a PE ratio of 20.83 and a beta of 1.08. Primoris Services Co. has a 12 month low of $28.96 and a 12 month high of $57.72.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, topping 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 firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the company earned $0.80 EPS. Primoris Services’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Primoris Services Co. will post 2.82 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 0.43%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s payout ratio is 9.06%.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the transaction, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carla S. Mashinski sold 3,883 shares of Primoris Services stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total value of $209,371.36. Following the completion of the transaction, the director now owns 20,454 shares in the company, valued at approximately $1,102,879.68. The disclosure for this sale can be found here. 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.