Nicholas Investment Partners LP Acquires Shares of 110,016 Primoris Services Co. (NASDAQ:PRIM)

Nicholas Investment Partners LP acquired a new position in Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 110,016 shares of the construction company’s stock, valued at approximately $5,489,000. Nicholas Investment Partners LP owned 0.21% of Primoris Services as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in shares of Primoris Services by 67.6% in the fourth quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock worth $1,925,000 after purchasing an additional 23,389 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 121.5% during the 4th quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock valued at $1,510,000 after buying an additional 24,938 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Primoris Services by 185.7% in the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after buying an additional 42,112 shares in the last quarter. Verition Fund Management LLC increased its holdings in Primoris Services by 64.9% in the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after buying an additional 227,916 shares during the last quarter. Finally, Heartland Advisors Inc. raised its position in Primoris Services by 40.0% during the fourth quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock valued at $5,812,000 after acquiring an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 6.0 %

PRIM stock opened at $52.49 on Thursday. The firm has a market cap of $2.82 billion, a PE ratio of 19.81 and a beta of 1.07. Primoris Services Co. has a 1 year low of $28.96 and a 1 year high of $57.72. The company has a fifty day simple moving average of $52.58 and a 200 day simple moving average of $49.05. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company posted $0.80 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Primoris Services Co. will post 2.82 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s dividend payout ratio is currently 9.06%.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares in the company, valued at $1,454,548.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by company insiders.

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.