Summit Global Investments Acquires Shares of 5,612 Primoris Services Co. (NASDAQ:PRIM)

Summit Global Investments bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 5,612 shares of the construction company’s stock, valued at approximately $280,000.

Several other hedge funds also recently added to or reduced their stakes in PRIM. Allspring Global Investments Holdings LLC raised its position in Primoris Services by 21.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,705 shares of the construction company’s stock valued at $455,000 after acquiring an additional 2,448 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $259,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Primoris Services by 27.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,176 shares of the construction company’s stock worth $438,000 after acquiring an additional 2,828 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of Primoris Services during the fourth quarter worth about $61,000. Finally, CWM LLC increased its holdings in shares of Primoris Services by 85.1% in the 4th quarter. CWM LLC now owns 855 shares of the construction company’s stock valued at $28,000 after acquiring an additional 393 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Carla S. Mashinski sold 3,883 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $53.92, for a total transaction of $209,371.36. Following the completion of the sale, the director now directly owns 20,454 shares of the company’s stock, valued at $1,102,879.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Primoris Services news, Director Carla S. Mashinski sold 3,883 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total transaction of $209,371.36. Following the completion of the transaction, the director now owns 20,454 shares in the company, valued at approximately $1,102,879.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of 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. 1.40% of the stock is owned by insiders.

Primoris Services Stock Down 0.1 %

PRIM stock traded down $0.04 during trading on Wednesday, hitting $52.79. 267,745 shares of the company’s stock were exchanged, compared to its average volume of 563,799. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 19.94 and a beta of 1.08. Primoris Services Co. has a 52-week low of $28.96 and a 52-week high of $57.72. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average price of $52.38 and a two-hundred day moving average price of $47.44.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the company earned $0.80 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Primoris Services Co. will post 2.82 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s dividend payout ratio is presently 9.06%.

Primoris Services Company 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.