Short Interest in Primoris Services Corp (NASDAQ:PRIM) Increases By 6.1%

Primoris Services Corp (NASDAQ:PRIM) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 975,800 shares, a growth of 6.1% from the May 15th total of 919,500 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily trading volume, of 164,000 shares, the days-to-cover ratio is presently 6.0 days.

Several equities analysts recently issued reports on the company. Zacks Investment Research lowered ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday. BidaskClub lowered Weyco Group from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, ValuEngine upgraded The Western Union from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd.

NASDAQ PRIM opened at $20.65 on Friday. The company has a market cap of $1.05 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.21 and a beta of 1.55. The company has a 50 day moving average price of $19.62. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a 52 week low of $17.82 and a 52 week high of $28.75.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, May 7th. The construction company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Primoris Services had a return on equity of 13.86% and a net margin of 2.54%. The firm had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $635.80 million. During the same quarter in the previous year, the business posted $0.01 EPS. The business’s quarterly revenue was up 31.2% compared to the same quarter last year. Sell-side analysts forecast that Primoris Services will post 1.7 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Thursday, June 27th. Primoris Services’s dividend payout ratio is currently 14.12%.

In other news, Director Brian Pratt sold 99,810 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $20.56, for a total transaction of $2,052,093.60. Following the completion of the transaction, the director now directly owns 2,074,933 shares in the company, valued at approximately $42,660,622.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 574,928 shares of company stock valued at $11,270,214 over the last 90 days. Corporate insiders own 13.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Investors Research Corp raised its stake in shares of Primoris Services by 3.9% during the 2nd quarter. Investors Research Corp now owns 15,800 shares of the construction company’s stock worth $331,000 after purchasing an additional 600 shares in the last quarter. Victory Capital Management Inc. raised its stake in Primoris Services by 4.1% in the 4th quarter. Victory Capital Management Inc. now owns 22,782 shares of the construction company’s stock valued at $436,000 after acquiring an additional 887 shares during the period. First Mercantile Trust Co. raised its stake in Primoris Services by 32.6% in the 1st quarter. First Mercantile Trust Co. now owns 5,082 shares of the construction company’s stock valued at $105,000 after acquiring an additional 1,250 shares during the period. Legal & General Group Plc raised its stake in Primoris Services by 8.9% in the 4th quarter. Legal & General Group Plc now owns 16,103 shares of the construction company’s stock valued at $309,000 after acquiring an additional 1,315 shares during the period. Finally, Eagle Asset Management Inc. raised its stake in Primoris Services by 0.5% in the 4th quarter. Eagle Asset Management Inc. now owns 296,605 shares of the construction company’s stock valued at $5,674,000 after acquiring an additional 1,598 shares during the period. Institutional investors own 76.85% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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