The Manufacturers Life Insurance Company has decreased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 15.2% during the fourth quarter, according to its recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,757 shares of the construction company’s stock after selling 6,417 shares during the period. The stake was valued at $2,732,000 at the end of the reporting period, representing 0.07% of Primoris Services’ total shares.
Other institutional investors have also adjusted their positions in Primoris Services. Arizona State Retirement System increased its holdings by 0.8%, while PNC Financial Services Group Inc. boosted its stake by 4.2%. HighTower Advisors LLC and Summit Investment Advisors Inc. also raised their holdings by 5.3% and 5.9%, respectively. Principal Securities Inc. significantly increased its position by 63.2% during the fourth quarter.
Institutional Ownership and Stock Performance
Institutional investors and hedge funds collectively own 91.82% of Primoris Services’ stock. The company’s shares opened at $68.37 on Friday, with a market capitalization of $3.69 billion. Primoris Services has a price-to-earnings ratio of 22.64 and a beta of 1.33. The stock has fluctuated between $45.92 and $90.86 over the past year.
Recent Financial Performance
Primoris Services reported earnings per share of $0.98 for the quarter, surpassing the consensus estimate of $0.70. The company generated $1.65 billion in revenue, exceeding the projected $1.49 billion. The firm’s revenue growth was 16.7% year-over-year, with a net margin of 2.68% and a return on equity of 15.23%.
Dividend Announcement
The company has declared a quarterly dividend of $0.08 per share, payable on July 15th to shareholders of record on June 30th. This represents an annualized dividend of $0.32 and a yield of 0.47%. Primoris Services’ dividend payout ratio stands at 8.47%.
Analyst Ratings and Insider Activity
Several analysts have recently adjusted their ratings for Primoris Services. Jefferies Financial Group initiated coverage with a ‘buy’ rating and a $73.00 price target. JPMorgan Chase & Co. raised their target price to $90.00, maintaining an ‘overweight’ rating. Insiders have sold 66,888 shares valued at $4,310,043 in the last quarter, with corporate insiders owning 0.90% of the company’s stock.
