Primoris Services Co. (NASDAQ:PRIM) Position Trimmed by Rhumbline Advisers

Rhumbline Advisers reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 9.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,862 shares of the construction company’s stock after selling 8,820 shares during the period. Rhumbline Advisers owned 0.16% of Primoris Services worth $4,284,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Versor Investments LP bought a new stake in Primoris Services in the second quarter worth $279,000. Hanseatic Management Services Inc. bought a new position in Primoris Services in the 2nd quarter worth approximately $805,000. nVerses Capital LLC acquired a new stake in Primoris Services in the 2nd quarter worth $244,000. Hantz Financial Services Inc. bought a new position in shares of Primoris Services during the 2nd quarter worth about $2,951,000. Finally, Ausbil Investment Management Ltd acquired a new position in shares of Primoris Services during the second quarter valued at about $2,205,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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. 1.40% of the stock is currently owned by insiders.

Primoris Services Trading Up 0.3 %

Shares of PRIM opened at $54.76 on Tuesday. Primoris Services Co. has a 12-month low of $28.96 and a 12-month high of $57.72. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 20.66 and a beta of 1.07. The stock’s 50-day moving average price is $52.88 and its 200 day moving average price is $49.36. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65.

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 the consensus estimate of $0.65 by $0.39. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.80 EPS. As a group, research analysts predict that Primoris Services Co. will post 2.82 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.06 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.44%. Primoris Services’s dividend payout ratio is currently 9.06%.

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.