Morse Asset Management Inc Purchases 9,255 Shares of Primoris Services Co. (NASDAQ:PRIM)

Morse Asset Management Inc increased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 112.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,455 shares of the construction company’s stock after purchasing an additional 9,255 shares during the period. Morse Asset Management Inc’s holdings in Primoris Services were worth $871,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PRIM. Norges Bank acquired a new position in shares of Primoris Services in the 4th quarter valued at $15,550,000. Victory Capital Management Inc. lifted its stake in Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after purchasing an additional 327,412 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Primoris Services by 122.8% during the fourth 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 in the last quarter. Verition Fund Management LLC grew its stake 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 valued at $19,223,000 after purchasing an additional 227,916 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Primoris Services in the 2nd quarter worth approximately $6,366,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John M. Perisich sold 4,391 shares of the 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on 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 completion of 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. Over the last 90 days, insiders sold 54,391 shares of company stock valued at $3,075,454. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Primoris Services stock opened at $59.12 on Monday. The business has a 50 day simple moving average of $53.62 and a 200 day simple moving average of $49.99. Primoris Services Co. has a one year low of $28.96 and a one year high of $60.26. The company has a market capitalization of $3.17 billion, a PE ratio of 22.31 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 issued its earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.65 by $0.39. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 EPS. On average, sell-side analysts forecast that Primoris Services Co. will post 2.82 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed 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. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Friday, September 27th. 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.