Vanguard Group Inc. Decreases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Vanguard Group Inc. trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,230,539 shares of the construction company's stock after selling 130,875 shares during the quarter. Vanguard Group Inc. owned approximately 9.80% of Primoris Services worth $171,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC bought a new position in Primoris Services during the 3rd quarter worth $38,000. Group One Trading L.P. bought a new position in shares of Primoris Services during the third quarter worth about $44,000. Tower Research Capital LLC TRC lifted its stake in shares of Primoris Services by 47.5% in the first quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company's stock worth $35,000 after acquiring an additional 466 shares during the period. Meeder Asset Management Inc. boosted its holdings in Primoris Services by 132.3% in the fourth quarter. Meeder Asset Management Inc. now owns 2,757 shares of the construction company's stock valued at $60,000 after acquiring an additional 1,570 shares during the last quarter. Finally, Advisor Group Holdings Inc. increased its position in Primoris Services by 28.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 3,078 shares of the construction company's stock valued at $67,000 after purchasing an additional 675 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,068 shares in the company, valued at $362,720. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Travis L. Stricker sold 7,500 shares of the firm's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now owns 9,068 shares in the company, valued at approximately $362,720. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total transaction of $826,200.00. Following the completion of the transaction, the director now owns 217,281 shares of the company's stock, valued at $8,975,878.11. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,040,125 in the last 90 days. Insiders own 1.30% of the company's stock.

Primoris Services Stock Up 0.4 %

NASDAQ:PRIM traded up $0.17 on Monday, hitting $42.74. The stock had a trading volume of 595,019 shares, compared to its average volume of 455,794. The company has a market cap of $2.29 billion, a PE ratio of 18.42 and a beta of 1.19. Primoris Services Co. has a 52 week low of $23.48 and a 52 week high of $43.06. The business's fifty day moving average is $38.40 and its 200 day moving average is $34.04. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.21. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the firm posted $0.93 EPS. Primoris Services's revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts expect that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, March 27th. Primoris Services's dividend payout ratio (DPR) is 10.34%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PRIM shares. DA Davidson upped their price objective on shares of Primoris Services from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, February 28th. StockNews.com downgraded shares of Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. Finally, The Goldman Sachs Group increased their target price on shares of Primoris Services from $34.00 to $38.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th.

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.