Franklin Resources Inc. Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Posted by Defense World Staff on May 29th, 2023

Franklin Resources Inc. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM – Get Rating) by 20.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,544,055 shares of the construction company’s stock after acquiring an additional 260,517 shares during the quarter. Franklin Resources Inc. owned 2.91% of Primoris Services worth $33,877,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James & Associates boosted its stake in shares of Primoris Services by 9.1% in the 1st quarter. Raymond James & Associates now owns 16,172 shares of the construction company’s stock valued at $385,000 after buying an additional 1,345 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Primoris Services by 1.4% in the 1st quarter. Bank of New York Mellon Corp now owns 327,802 shares of the construction company’s stock valued at $7,809,000 after buying an additional 4,617 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Primoris Services by 44.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,568 shares of the construction company’s stock valued at $299,000 after buying an additional 3,862 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Primoris Services by 53.2% in the 1st quarter. MetLife Investment Management LLC now owns 28,090 shares of the construction company’s stock valued at $669,000 after buying an additional 9,749 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Primoris Services by 9.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock valued at $62,165,000 after buying an additional 218,611 shares during the period. 88.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRIM. DA Davidson lifted their price objective on Primoris Services from $27.00 to $34.00 in a research note on Thursday, March 2nd. The Goldman Sachs Group upgraded Primoris Services from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $22.50 to $27.00 in a research note on Monday, April 3rd. StockNews.com lowered Primoris Services from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, UBS Group raised their target price on Primoris Services from $29.00 to $34.00 in a research report on Wednesday, March 8th.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $27.26 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.48 and a current ratio of 1.48. Primoris Services Co. has a fifty-two week low of $15.90 and a fifty-two week high of $28.20. The firm has a market capitalization of $1.45 billion, a PE ratio of 10.82 and a beta of 1.24. The stock’s 50-day simple moving average is $25.10 and its 200-day simple moving average is $24.27.

Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings results on Tuesday, May 9th. The construction company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.26. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.07 billion. Primoris Services had a return on equity of 13.57% and a net margin of 2.78%. The firm’s revenue was up 60.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 earnings per share. As a group, equities research analysts forecast that Primoris Services Co. will post 2.67 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, June 29th. Primoris Services’s dividend payout ratio (DPR) is 9.52%.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 7,000 shares of Primoris Services stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $24.16, for a total transaction of $169,120.00. Following the transaction, the director now owns 16,962 shares of the company’s stock, valued at $409,801.92. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director David Lee King sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $27.36, for a total value of $273,600.00. Following the transaction, the director now owns 32,354 shares of the company’s stock, valued at $885,205.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephen C. Cook sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $24.16, for a total value of $169,120.00. Following the completion of the transaction, the director now directly owns 16,962 shares in the company, valued at approximately $409,801.92. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Profile

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.