Primoris Services Corporation (PRIM) Stake Boosted by Schwab Charles Investment Management Inc.

Schwab Charles Investment Management Inc. grew its position in Primoris Services Corporation (NASDAQ:PRIM) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 286,635 shares of the construction company’s stock after purchasing an additional 25,404 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.56% of Primoris Services Corporation worth $7,149,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in shares of Primoris Services Corporation by 13.0% in the first quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock valued at $120,000 after purchasing an additional 595 shares during the period. American International Group Inc. raised its position in shares of Primoris Services Corporation by 7.1% in the first quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock valued at $576,000 after purchasing an additional 1,641 shares during the period. Teachers Advisors LLC raised its position in shares of Primoris Services Corporation by 3.0% in the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock valued at $1,665,000 after purchasing an additional 2,065 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Primoris Services Corporation by 4.0% in the second quarter. Daiwa Securities Group Inc. now owns 76,100 shares of the construction company’s stock valued at $1,898,000 after purchasing an additional 2,900 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Primoris Services Corporation by 8.3% in the first quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock valued at $1,298,000 after purchasing an additional 4,300 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Primoris Services Corporation (NASDAQ PRIM) opened at 28.99 on Friday. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 31.55 and a beta of 1.55. The company’s 50-day moving average is $28.30 and its 200-day moving average is $25.13. Primoris Services Corporation has a 12 month low of $18.71 and a 12 month high of $30.00.

Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The company had revenue of $631.20 million during the quarter, compared to the consensus estimate of $582.82 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities research analysts anticipate that Primoris Services Corporation will post $1.19 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 14th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio is 23.40%.

A number of equities analysts have recently commented on the stock. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Zacks Investment Research lowered shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Finally, Canaccord Genuity lifted their price target on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Primoris Services Corporation has a consensus rating of “Hold” and an average price target of $27.00.

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In other Primoris Services Corporation news, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Pratt sold 105,734 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the sale, the director now directly owns 9,646,585 shares of the company’s stock, valued at approximately $272,033,697. The disclosure for this sale can be found here. Insiders have sold a total of 1,548,356 shares of company stock valued at $43,921,202 in the last ninety days. Insiders own 24.00% of the company’s stock.

Primoris Services Corporation Company Profile

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

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Institutional Ownership by Quarter for Primoris Services Corporation (NASDAQ:PRIM)

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