Clearbridge Investments LLC Cuts Position in Primoris Services Co. (NASDAQ:PRIM)

Clearbridge Investments LLC trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492,523 shares of the construction company’s stock after selling 27,455 shares during the period. Clearbridge Investments LLC owned approximately 0.92% of Primoris Services worth $20,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. PAX Financial Group LLC purchased a new stake in Primoris Services during the first quarter valued at $757,000. Foundry Partners LLC raised its position in shares of Primoris Services by 11.3% during the 1st quarter. Foundry Partners LLC now owns 186,650 shares of the construction company’s stock valued at $7,946,000 after buying an additional 18,877 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Primoris Services by 26.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock valued at $813,000 after buying an additional 3,940 shares in the last quarter. ProShare Advisors LLC grew its position in Primoris Services by 8.5% in the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after acquiring an additional 751 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in Primoris Services by 3.3% in the first quarter. QRG Capital Management Inc. now owns 68,826 shares of the construction company’s stock worth $2,930,000 after acquiring an additional 2,176 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Down 2.7 %

Shares of NASDAQ PRIM traded down $1.53 during mid-day trading on Wednesday, reaching $54.66. The company had a trading volume of 604,921 shares, compared to its average volume of 556,125. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 21.07 and a beta of 1.08. The business’s 50-day moving average is $52.42 and its 200-day moving average is $44.62. Primoris Services Co. has a 52 week low of $28.96 and a 52 week high of $56.83. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.39. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 EPS. Equities analysts expect that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, June 28th. Primoris Services’s payout ratio is 9.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. UBS Group lifted their price objective on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, DA Davidson boosted their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, April 4th.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $52.86, for a total value of $132,150.00. Following the transaction, the director now owns 27,517 shares in the company, valued at $1,454,548.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John P. Schauerman sold 15,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $51.92, for a total transaction of $778,800.00. Following the transaction, the director now directly owns 202,281 shares of the company’s stock, valued at $10,502,429.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. Insiders sold 54,831 shares of company stock worth $2,807,646 in the last three months. 1.40% of the stock is owned by insiders.

About Primoris Services

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.