Essex Investment Management Co. LLC Sells 2,273 Shares of Primoris Services Corporation (PRIM)

Essex Investment Management Co. LLC Sells 2,273 Shares of Primoris Services Corporation (PRIM)

Essex Investment Management Co. LLC reduced its stake in Primoris Services Corporation (NASDAQ:PRIM) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,487 shares of the company’s stock after selling 2,273 shares during the period. Essex Investment Management Co. LLC owned about 0.08% of Primoris Services Corporation worth $813,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Teacher Retirement System of Texas raised its position in Primoris Services Corporation by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock valued at $109,000 after buying an additional 997 shares during the period. First Mercantile Trust Co. raised its position in Primoris Services Corporation by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock valued at $115,000 after buying an additional 1,209 shares during the period. GSA Capital Partners LLP acquired a new position in Primoris Services Corporation during the second quarter valued at about $198,000. Paloma Partners Management Co acquired a new position in Primoris Services Corporation during the second quarter valued at about $200,000. Finally, AQR Capital Management LLC acquired a new position in Primoris Services Corporation during the second quarter valued at about $243,000. Hedge funds and other institutional investors own 75.24% of the company’s stock.

Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at 24.97 on Friday. The firm’s 50 day moving average is $23.51 and its 200-day moving average is $20.83. Primoris Services Corporation has a 52 week low of $16.13 and a 52 week high of $25.26. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 52.13 and a beta of 1.64.

Primoris Services Corporation (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.16. The business had revenue of $507.80 million for the quarter, compared to the consensus estimate of $536.07 million. Primoris Services Corporation had a return on equity of 6.87% and a net margin of 1.31%. The company’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. Equities research analysts predict that Primoris Services Corporation will post $0.58 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, January 16th. Investors of record on Saturday, December 31st were paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date was Wednesday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is 45.83%.

A number of research firms recently commented on PRIM. Zacks Investment Research raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, December 31st. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services Corporation in a research note on Thursday, December 1st. Canaccord Genuity raised shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Friday. Wunderlich raised their price objective on shares of Primoris Services Corporation from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, November 9th. Finally, Sidoti began coverage on shares of Primoris Services Corporation in a research note on Monday, November 21st. They issued a “neutral” rating and a $25.00 price objective for the company. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $25.33.

In related news, Director Stephen C. Cook sold 10,144 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $24.00, for a total transaction of $243,456.00. Following the completion of the sale, the director now directly owns 10,610 shares of the company’s stock, valued at $254,640. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 23.10% of the company’s stock.

About Primoris Services Corporation

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.

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