Primoris Services Corp (NASDAQ:PRIM) Short Interest Down 28.2% in September

Primoris Services Corp (NASDAQ:PRIM) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 426,900 shares, a drop of 28.2% from the August 31st total of 594,700 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 406,400 shares, the short-interest ratio is presently 1.1 days.

Primoris Services stock traded down $0.38 during trading on Thursday, hitting $17.66. The company’s stock had a trading volume of 236,408 shares, compared to its average volume of 297,938. The stock’s fifty day moving average is $18.43 and its 200 day moving average is $16.37. Primoris Services has a 1-year low of $9.42 and a 1-year high of $23.73. The stock has a market capitalization of $852.31 million, a price-to-earnings ratio of 9.68 and a beta of 1.19. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 4th. The construction company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.35 by $0.33. The company had revenue of $908.20 million during the quarter, compared to analysts’ expectations of $811.43 million. Primoris Services had a return on equity of 15.06% and a net margin of 2.78%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. On average, research analysts anticipate that Primoris Services will post 1.7 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Tuesday, September 29th. Primoris Services’s dividend payout ratio (DPR) is 14.91%.

Several research firms recently commented on PRIM. Sidoti boosted their price objective on shares of Primoris Services from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Thursday, September 3rd. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a research report on Saturday, August 8th. CJS Securities raised Primoris Services to a “buy” rating in a research note on Tuesday, June 16th. Finally, KeyCorp increased their target price on Primoris Services from $16.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Primoris Services has a consensus rating of “Buy” and an average target price of $22.00.

In related news, Director Thomas E. Tucker sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $19.00, for a total value of $47,500.00. Following the completion of the transaction, the director now directly owns 29,293 shares of the company’s stock, valued at approximately $556,567. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas E. Tucker sold 10,000 shares of Primoris Services stock in a transaction on Monday, September 28th. The stock was sold at an average price of $18.69, for a total value of $186,900.00. Following the transaction, the director now directly owns 19,293 shares of the company’s stock, valued at $360,586.17. The disclosure for this sale can be found here. Insiders sold 15,000 shares of company stock valued at $281,900 in the last quarter. Company insiders own 1.50% of the company’s stock.

Large investors have recently bought and sold shares of the business. Two Sigma Advisers LP boosted its holdings in shares of Primoris Services by 77.0% in the 2nd quarter. Two Sigma Advisers LP now owns 66,416 shares of the construction company’s stock valued at $1,180,000 after purchasing an additional 28,893 shares during the last quarter. Bridgeway Capital Management Inc. boosted its holdings in Primoris Services by 692.5% in the second quarter. Bridgeway Capital Management Inc. now owns 158,500 shares of the construction company’s stock valued at $2,815,000 after acquiring an additional 138,500 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in Primoris Services during the second quarter valued at about $180,000. Nuveen Asset Management LLC grew its position in Primoris Services by 16.6% during the second quarter. Nuveen Asset Management LLC now owns 301,511 shares of the construction company’s stock valued at $5,355,000 after acquiring an additional 42,849 shares during the period. Finally, Zebra Capital Management LLC increased its stake in Primoris Services by 38.0% during the second quarter. Zebra Capital Management LLC now owns 25,599 shares of the construction company’s stock worth $455,000 after acquiring an additional 7,047 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

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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