Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in Primoris Services Co. (NASDAQ:PRIM) by 19.0% in the 2nd quarter, Holdings Channel reports. The firm owned 34,910 shares of the construction company’s stock after purchasing an additional 5,578 shares during the quarter. Principal Financial Group Inc.’s holdings in Primoris Services were worth $1,742,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PRIM. Precision Wealth Strategies LLC acquired a new stake in shares of Primoris Services during the 4th quarter valued at approximately $202,000. Victory Capital Management Inc. boosted its position in Primoris Services by 121.5% during the fourth quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock worth $1,510,000 after purchasing an additional 24,938 shares in the last quarter. M&T Bank Corp increased its position in shares of Primoris Services by 6.3% in the fourth quarter. M&T Bank Corp now owns 7,387 shares of the construction company’s stock valued at $245,000 after buying an additional 439 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Primoris Services by 31.5% in the fourth quarter. Teacher Retirement System of Texas now owns 35,303 shares of the construction company’s stock valued at $1,172,000 after buying an additional 8,456 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Primoris Services by 67.6% during the 4th quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock worth $1,925,000 after buying an additional 23,389 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $54.00 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average price is $52.75 and its 200 day moving average price is $49.11. Primoris Services Co. has a 52 week low of $28.96 and a 52 week high of $57.72. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 20.38 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted $0.80 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, research analysts forecast that Primoris Services Co. will post 2.82 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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 given a $0.06 dividend. The ex-dividend date of this dividend 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%.

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.