Exchange Traded Concepts LLC Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Posted by Defense World Staff on Oct 12th, 2023

Exchange Traded Concepts LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,686 shares of the construction company’s stock, valued at approximately $51,000.

Several other hedge funds and other institutional investors have also modified their holdings of PRIM. Tower Research Capital LLC TRC lifted its position in shares of Primoris Services by 47.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company’s stock worth $35,000 after buying an additional 466 shares during the period. Lazard Asset Management LLC bought a new position in shares of Primoris Services during the 4th quarter worth approximately $47,000. Meeder Asset Management Inc. lifted its position in shares of Primoris Services by 132.3% during the 4th quarter. Meeder Asset Management Inc. now owns 2,757 shares of the construction company’s stock worth $60,000 after buying an additional 1,570 shares during the period. Advisor Group Holdings Inc. lifted its position in shares of Primoris Services by 28.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 3,078 shares of the construction company’s stock worth $67,000 after buying an additional 675 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Primoris Services by 662.7% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 4,805 shares of the construction company’s stock worth $118,000 after buying an additional 4,175 shares during the period. Institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. StockNews.com assumed coverage on Primoris Services in a report on Thursday, October 5th. They set a “buy” rating for the company. DA Davidson boosted their price objective on Primoris Services from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 10th.

Check Out Our Latest Report on Primoris Services

Primoris Services Price Performance

Primoris Services stock opened at $31.70 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market cap of $1.69 billion, a P/E ratio of 13.72 and a beta of 1.26. The business’s fifty day moving average is $33.38 and its two-hundred day moving average is $29.62. Primoris Services Co. has a 52 week low of $16.28 and a 52 week high of $36.19.

Primoris Services (NASDAQ:PRIM – Get Free Report) last released its earnings results on Monday, August 7th. The construction company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.35 billion. Primoris Services had a return on equity of 14.77% and a net margin of 2.36%. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 earnings per share. Equities research analysts forecast that Primoris Services Co. will post 2.7 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.76%. Primoris Services’s payout ratio is currently 10.39%.

Insider Transactions at Primoris Services

In other news, insider John M. Perisich sold 19,205 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $33.19, for a total transaction of $637,413.95. Following the completion of the sale, the insider now owns 145,214 shares in the company, valued at $4,819,652.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider John M. Perisich sold 19,205 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $33.19, for a total value of $637,413.95. Following the completion of the sale, the insider now owns 145,214 shares in the company, valued at $4,819,652.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $34.80, for a total value of $696,000.00. Following the completion of the sale, the director now owns 256,306 shares of the company’s stock, valued at approximately $8,919,448.80. The disclosure for this sale can be found here. Insiders sold a total of 43,205 shares of company stock worth $1,469,734 over the last 90 days. 1.40% of the stock is owned by insiders.

About Primoris Services

(Free Report)

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. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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.