Northwestern Mutual Wealth Management Co. Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Northwestern Mutual Wealth Management Co. acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,377 shares of the construction company’s stock, valued at approximately $119,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC grew its holdings in shares of Primoris Services by 75.1% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,348 shares of the construction company’s stock worth $4,507,000 after purchasing an additional 38,748 shares during the period. Mackenzie Financial Corp purchased a new stake in Primoris Services in the 2nd quarter valued at about $386,000. MBB Public Markets I LLC purchased a new stake in Primoris Services in the 2nd quarter valued at about $2,143,000. Dark Forest Capital Management LP raised its holdings in Primoris Services by 189.1% in the 2nd quarter. Dark Forest Capital Management LP now owns 34,680 shares of the construction company’s stock valued at $1,730,000 after buying an additional 22,684 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in Primoris Services in the 2nd quarter valued at about $9,584,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 in the last three months. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. started coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and an average target price of $58.00.

Primoris Services Stock Performance

NASDAQ PRIM opened at $61.52 on Friday. The company has a market cap of $3.30 billion, a P/E ratio of 21.66 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. The stock has a 50-day moving average of $55.11 and a two-hundred day moving average of $51.76. Primoris Services Co. has a 1-year low of $28.96 and a 1-year high of $61.93.

Primoris Services (NASDAQ:PRIM) last released its 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 company had revenue of $1.56 billion during the quarter, compared to the consensus estimate 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 was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. As a group, analysts anticipate that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio is currently 8.45%.

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.