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

Clearbridge Investments LLC reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.3% during the 1st quarter, according to its most recent 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 quarter. Clearbridge Investments LLC’s holdings in Primoris Services were worth $20,967,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PRIM. PAX Financial Group LLC acquired a new stake in shares of Primoris Services during the first quarter worth about $757,000. Foundry Partners LLC grew its stake in Primoris Services by 11.3% during the 1st quarter. Foundry Partners LLC now owns 186,650 shares of the construction company’s stock worth $7,946,000 after buying an additional 18,877 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Primoris Services by 26.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after buying an additional 3,940 shares during the period. ProShare Advisors LLC increased its position in Primoris Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after buying an additional 751 shares during the period. Finally, QRG Capital Management Inc. lifted its stake 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 valued at $2,930,000 after buying an additional 2,176 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,500 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the transaction, the director now directly owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider John M. Perisich sold 13,448 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $49.34, for a total value of $663,524.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Lee King sold 2,500 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the sale, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,831 shares of company stock valued at $2,807,646. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Performance

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

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the company posted $0.18 EPS. Primoris Services’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts predict that Primoris Services Co. will post 2.67 EPS for the current year.

Primoris Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRIM. UBS Group lifted their target price on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. DA Davidson lifted their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Finally, The Goldman Sachs Group upped their target price on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th.

Primoris Services Profile

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.