Primoris Services (NASDAQ:PRIM) Stock Price Up 5.6%

Primoris Services Co. (NASDAQ:PRIM)’s stock price was up 5.6% during mid-day trading on Wednesday . The company traded as high as $52.35 and last traded at $52.30. Approximately 182,960 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 551,495 shares. The stock had previously closed at $49.51.

Primoris Services Price Performance

The stock has a market capitalization of $2.81 billion, a P/E ratio of 19.83 and a beta of 1.07. The stock’s fifty day moving average is $52.58 and its 200-day moving average is $49.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41.

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

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s payout ratio is presently 9.06%.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,500 shares of the stock in a transaction dated Friday, June 14th. The shares were 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 owns 27,517 shares in the company, valued at $1,454,548.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its position in Primoris Services by 67.6% in the fourth quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock worth $1,925,000 after purchasing an additional 23,389 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Primoris Services by 121.5% in the fourth quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock valued at $1,510,000 after acquiring an additional 24,938 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Primoris Services by 185.7% in the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after acquiring an additional 42,112 shares during the last quarter. Verition Fund Management LLC boosted its stake in Primoris Services by 64.9% in the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after acquiring an additional 227,916 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its stake in Primoris Services by 40.0% in the fourth quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock valued at $5,812,000 after acquiring an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.