Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,616 shares of the construction company’s stock after selling 185 shares during the period. Fulton Bank N.A.’s holdings in Primoris Services were worth $675,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. CWM LLC raised its position in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the second quarter worth $70,000. Canton Hathaway LLC acquired a new stake in shares of Primoris Services in the second quarter worth $100,000. Innealta Capital LLC purchased a new position in shares of Primoris Services during the second quarter worth $108,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Primoris Services during the second quarter valued at $119,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction that occurred 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday. They set an “overweight” rating and a $71.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Primoris Services Stock Up 0.2 %

PRIM stock opened at $60.69 on Wednesday. Primoris Services Co. has a one year low of $28.96 and a one year high of $61.93. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The firm’s fifty day moving average is $54.66 and its 200 day moving average is $51.49. The firm has a market cap of $3.26 billion, a PE ratio of 22.90 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results 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. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. Primoris Services’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 business earned $0.80 EPS. On average, research analysts forecast that Primoris Services Co. will post 2.82 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Primoris Services’s dividend payout ratio is currently 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.