Citigroup Inc. Has $4.42 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Citigroup Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 268.8% in the third quarter, HoldingsChannel.com reports. The fund owned 76,058 shares of the construction company’s stock after acquiring an additional 55,434 shares during the quarter. Citigroup Inc.’s holdings in Primoris Services were worth $4,417,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PRIM. Nisa Investment Advisors LLC boosted its position in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. CWM LLC lifted its position in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC purchased a new stake in shares of Primoris Services during the 2nd quarter worth approximately $70,000. Finally, KBC Group NV increased its stake in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after purchasing an additional 399 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 13.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction on Friday, September 13th. The stock was 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. Insiders sold a total of 75,409 shares of company stock valued at $4,762,468 in the last three months. Company insiders own 1.30% of the company’s stock.

Primoris Services Stock Up 0.4 %

Primoris Services stock opened at $83.59 on Wednesday. Primoris Services Co. has a 1-year low of $30.88 and a 1-year high of $84.97. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 27.68 and a beta of 1.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $69.41 and a 200 day simple moving average of $58.86.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the firm earned $1.02 EPS. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.38%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PRIM shares. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $83.50.

About Primoris Services

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.