Dean Capital Management Purchases New Holdings in Primoris Services Corp (PRIM)

Dean Capital Management acquired a new stake in Primoris Services Corp (NASDAQ:PRIM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 89,500 shares of the construction company’s stock, valued at approximately $2,437,000. Primoris Services makes up about 1.6% of Dean Capital Management’s investment portfolio, making the stock its 25th largest position. Dean Capital Management owned 0.17% of Primoris Services at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wells Fargo & Company MN lifted its stake in Primoris Services by 36.4% during the first quarter. Wells Fargo & Company MN now owns 255,941 shares of the construction company’s stock worth $6,392,000 after purchasing an additional 68,253 shares during the last quarter. SG Americas Securities LLC acquired a new position in Primoris Services during the first quarter worth approximately $118,000. Mackay Shields LLC acquired a new position in Primoris Services during the first quarter worth approximately $637,000. American Century Companies Inc. increased its position in Primoris Services by 12.3% during the first quarter. American Century Companies Inc. now owns 273,392 shares of the construction company’s stock worth $6,829,000 after buying an additional 29,961 shares during the period. Finally, Victory Capital Management Inc. increased its position in Primoris Services by 77.6% during the first quarter. Victory Capital Management Inc. now owns 12,819 shares of the construction company’s stock worth $320,000 after buying an additional 5,601 shares during the period. Institutional investors own 73.42% of the company’s stock.

In other news, Director Brian Pratt sold 725,003 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $25.14, for a total value of $18,226,575.42. Following the completion of the sale, the director now owns 6,946,451 shares in the company, valued at $174,633,778.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 1,964 shares of the stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the sale, the director now owns 11,897 shares of the company’s stock, valued at approximately $297,425. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock valued at $18,475,786 over the last 90 days. 19.50% of the stock is currently owned by insiders.

Shares of NASDAQ:PRIM traded down $0.51 on Friday, hitting $23.36. The company had a trading volume of 211,855 shares, compared to its average volume of 260,182. Primoris Services Corp has a 52-week low of $23.26 and a 52-week high of $29.82. The company has a market capitalization of $1.28 billion, a P/E ratio of 20.31, a P/E/G ratio of 1.52 and a beta of 1.13. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, August 7th. The construction company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Primoris Services had a return on equity of 8.23% and a net margin of 2.37%. The firm had revenue of $648.79 million for the quarter, compared to the consensus estimate of $593.65 million. On average, sell-side analysts anticipate that Primoris Services Corp will post 1.63 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.24 annualized dividend and a yield of 1.03%. Primoris Services’s dividend payout ratio is presently 20.87%.

A number of research analysts have recently issued reports on the company. BidaskClub lowered Primoris Services from a “hold” rating to a “sell” rating in a report on Thursday. ValuEngine downgraded Primoris Services from a “hold” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research report on Saturday, August 11th. Finally, DA Davidson boosted their target price on Primoris Services to $34.00 and gave the stock a “buy” rating in a research report on Friday, June 22nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $31.00.

Primoris Services Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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