Vest Financial LLC Sells 13,331 Shares of Primoris Services Corporation $PRIM

Vest Financial LLC trimmed its holdings in Primoris Services Corporation (NYSE:PRIM) by 23.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,813 shares of the company’s stock after selling 13,331 shares during the quarter. Vest Financial LLC’s holdings in Primoris Services were worth $3,190,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PRIM. BlackRock Inc. bought a new position in Primoris Services during the second quarter worth $677,685,000. Wellington Management Group LLP raised its stake in Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after purchasing an additional 2,795,887 shares during the last quarter. First Trust Advisors LP boosted its holdings in Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after purchasing an additional 928,155 shares during the period. Principal Financial Group Inc. boosted its holdings in Primoris Services by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 343,443 shares of the company’s stock valued at $49,126,000 after purchasing an additional 6,730 shares during the period. Finally, Bank of America Corp DE grew its position in Primoris Services by 4.4% in the 1st quarter. Bank of America Corp DE now owns 324,887 shares of the company’s stock worth $46,472,000 after purchasing an additional 13,617 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Performance

NYSE PRIM opened at $64.89 on Friday. Primoris Services Corporation has a twelve month low of $62.40 and a twelve month high of $205.50. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.49 billion, a P/E ratio of 22.24 and a beta of 1.44. The company’s 50-day simple moving average is $76.03 and its 200 day simple moving average is $100.32.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.08. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.68 earnings per share. As a group, research analysts forecast that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Primoris Services’s dividend payout ratio is presently 12.55%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC decreased their price target on shares of Primoris Services from $188.00 to $172.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Piper Sandler began coverage on shares of Primoris Services in a research note on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 target price for the company. Jefferies Financial Group reiterated a “buy” rating and issued a $99.00 target price on shares of Primoris Services in a research note on Thursday, October 8th. Oppenheimer began coverage on Primoris Services in a research report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 target price on the stock. Finally, UBS Group restated a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $123.47.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.