Teachers Advisors LLC increased its position in Primoris Services Corporation (NASDAQ:PRIM) by 3.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 69,645 shares of the construction company’s stock after buying an additional 2,232 shares during the period. Teachers Advisors LLC owned about 0.14% of Primoris Services Corporation worth $1,587,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. WFG Advisors LP boosted its stake in shares of Primoris Services Corporation by 61,763.6% in the fourth quarter. WFG Advisors LP now owns 6,805 shares of the construction company’s stock worth $653,000 after buying an additional 6,794 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Primoris Services Corporation during the fourth quarter valued at about $286,000. UBS Asset Management Americas Inc. boosted its position in Primoris Services Corporation by 22.4% in the third quarter. UBS Asset Management Americas Inc. now owns 17,499 shares of the construction company’s stock valued at $360,000 after buying an additional 3,200 shares during the period. A.R.T. Advisors LLC acquired a new position in Primoris Services Corporation during the fourth quarter valued at about $799,000. Finally, Putnam Investments LLC acquired a new position in Primoris Services Corporation during the fourth quarter valued at about $1,172,000. 70.49% of the stock is currently owned by hedge funds and other institutional investors.
Primoris Services Corporation (NASDAQ PRIM) traded up 0.16% during midday trading on Monday, hitting $24.66. The stock had a trading volume of 86,358 shares. The firm has a 50-day moving average of $23.59 and a 200 day moving average of $23.74. The firm has a market capitalization of $1.27 billion, a P/E ratio of 40.43 and a beta of 1.56. Primoris Services Corporation has a 52-week low of $16.13 and a 52-week high of $29.19.
Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, May 9th. The construction company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Primoris Services Corporation had a net margin of 1.49% and a return on equity of 8.15%. The company had revenue of $561.50 million during the quarter, compared to analysts’ expectations of $517.50 million. During the same quarter in the prior year, the company earned $0.05 EPS. Primoris Services Corporation’s revenue was up 30.5% compared to the same quarter last year. On average, equities analysts forecast that Primoris Services Corporation will post $1.15 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $0.055 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.22 annualized dividend and a yield of 0.89%. Primoris Services Corporation’s payout ratio is 35.48%.
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Several research firms recently issued reports on PRIM. DA Davidson reaffirmed a “neutral” rating on shares of Primoris Services Corporation in a research report on Monday, February 27th. Canaccord Genuity reissued a “buy” rating and set a $28.00 price target on shares of Primoris Services Corporation in a report on Friday, February 24th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $24.80.
About Primoris Services Corporation
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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