Inspire Investing LLC Has $413,000 Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Inspire Investing LLC lowered its position in Primoris Services Co. (NASDAQ:PRIM) by 67.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,111 shares of the construction company’s stock after selling 14,461 shares during the quarter. Inspire Investing LLC’s holdings in Primoris Services were worth $413,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PRIM. CWM LLC grew its stake in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after purchasing an additional 294 shares during the last quarter. EntryPoint Capital LLC raised its holdings in shares of Primoris Services by 16.2% during the 1st quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock valued at $157,000 after purchasing an additional 513 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of Primoris Services by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock valued at $406,000 after purchasing an additional 751 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Primoris Services by 9.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,189 shares of the construction company’s stock worth $608,000 after purchasing an additional 1,036 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $61.73 on Thursday. Primoris Services Co. has a 1-year low of $28.96 and a 1-year high of $62.45. The firm has a fifty day simple moving average of $55.80 and a 200-day simple moving average of $52.23. 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 stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 23.29 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the company earned $0.80 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Primoris Services Co. will post 3.33 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio is currently 9.06%.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now owns 137,281 shares in the company, valued at $8,133,899.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,391 shares of company stock worth $3,075,454. Company insiders own 1.40% of the company’s stock.

Primoris Services Company Profile

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.