Fulton Bank N.A. Trims Holdings in Primoris Services Co. (NASDAQ:PRIM)

Fulton Bank N.A. lessened its stake in Primoris Services Co. (NASDAQ:PRIM) by 1.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,616 shares of the construction company’s stock after selling 185 shares during the period. Fulton Bank N.A.’s holdings in Primoris Services were worth $675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LSV Asset Management grew its position in Primoris Services by 9.9% in the 1st quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after acquiring an additional 52,274 shares in the last quarter. Marshall Wace LLP purchased a new stake in Primoris Services during the 2nd quarter worth approximately $28,089,000. Boston Partners lifted its holdings in Primoris Services by 5.7% during the 1st quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after buying an additional 28,997 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Primoris Services by 122.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after buying an additional 288,651 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $60.69 on Wednesday. Primoris Services Co. has a 12 month low of $28.96 and a 12 month high of $61.93. 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 firm has a market capitalization of $3.26 billion, a PE ratio of 22.90 and a beta of 1.07. The business’s fifty day moving average price is $54.66 and its 200 day moving average price is $51.49.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.39. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.80 EPS. On average, sell-side analysts anticipate that Primoris Services Co. will post 2.82 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s payout ratio is 9.06%.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday. They issued an “overweight” rating and a $71.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the sale, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the transaction, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,391 shares of company stock valued at $3,075,454 in the last ninety days. Insiders own 1.40% of the company’s stock.

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.