Quest Partners LLC Sells 3,615 Shares of Primoris Services Co. (NASDAQ:PRIM)

Quest Partners LLC lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 82.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 794 shares of the construction company’s stock after selling 3,615 shares during the period. Quest Partners LLC’s holdings in Primoris Services were worth $40,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PRIM. Norges Bank purchased a new position in Primoris Services in the fourth quarter worth about $15,550,000. Victory Capital Management Inc. lifted its position in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Primoris Services by 122.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after purchasing an additional 288,651 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Primoris Services by 64.9% in the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after purchasing an additional 227,916 shares in the last quarter. Finally, SG Capital Management LLC purchased a new position in shares of Primoris Services in the first quarter worth $4,192,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 4.0 %

Primoris Services stock opened at $59.36 on Friday. Primoris Services Co. has a one year low of $28.96 and a one year high of $59.69. The business’s fifty day moving average is $53.49 and its 200 day moving average is $49.70. The stock has a market capitalization of $3.19 billion, a PE ratio of 16.20 and a beta of 1.07. 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 announced its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.80 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts predict that Primoris Services Co. will post 2.82 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. Primoris Services’s payout ratio is 9.06%.

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.