114,640 Primoris Services Corporation $PRIM Shares Acquired by Vontobel Holding Ltd.

Key Points

• Vontobel Holding increased its Primoris Services stake by 34% in the third quarter, acquiring 114,640 shares and bringing its total holdings to 452,306 shares valued at approximately $33.7 million.
• Institutional ownership remains high at 91.82%, with major investors including BlackRock, Wellington Management and First Trust Advisors expanding their positions.
• Primoris shares fell 0.9% to $73.07, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $123.47. The company also declared a quarterly dividend of $0.08 per share.

Vontobel Holding Ltd. raised its holdings in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 34.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 452,306 shares of the company's stock after buying an additional 114,640 shares during the period. Vontobel Holding Ltd. owned about 0.84% of Primoris Services worth $33,706,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Primoris Services in the 2nd quarter valued at about $677,685,000. Wellington Management Group LLP grew its position in Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock worth $463,434,000 after acquiring an additional 2,795,887 shares during the last quarter. First Trust Advisors LP grew its position in Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock worth $412,837,000 after acquiring an additional 928,155 shares during the last quarter. Principal Financial Group Inc. increased its stake in Primoris Services by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 343,443 shares of the company's stock worth $49,126,000 after purchasing an additional 6,730 shares during the period. Finally, Bank of America Corp DE increased its stake in Primoris Services by 4.4% in the 1st quarter. Bank of America Corp DE now owns 324,887 shares of the company's stock worth $46,472,000 after purchasing an additional 13,617 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 0.9%

PRIM traded down $0.68 during midday trading on Friday, reaching $73.07. 2,202,464 shares of the company's stock traded hands, compared to its average volume of 1,426,735. The firm has a fifty day moving average of $77.19 and a two-hundred day moving average of $102.94. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 28.66 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50.

Primoris Services (NYSE:PRIM - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The business had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the business posted $1.68 EPS. The business's revenue was down 10.7% on a year-over-year basis. On average, equities analysts anticipate that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.08 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services's payout ratio is 12.55%.

Analyst Ratings Changes

PRIM has been the subject of a number of analyst reports. Wall Street Zen lowered Primoris Services from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Oppenheimer began coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $135.00 target price on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $105.00 target price on shares of Primoris Services in a research note on Tuesday, September 29th. Zacks Research upgraded shares of Primoris Services from a "strong sell" rating to a "hold" rating in a report on Monday, August 24th. Finally, Roth Capital reissued a "buy" rating and set a $100.00 price target on shares of Primoris Services in a research report on Monday, July 20th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and an average price target of $123.47.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.

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