Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,218,911 shares of the construction company’s stock after purchasing an additional 15,070 shares during the period. Geode Capital Management LLC’s holdings in Primoris Services were worth $70,810,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James & Associates lifted its holdings in Primoris Services by 102.1% in the 2nd quarter. Raymond James & Associates now owns 63,977 shares of the construction company’s stock worth $3,192,000 after buying an additional 32,315 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Primoris Services by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock valued at $16,992,000 after purchasing an additional 18,361 shares during the last quarter. Bailard Inc. acquired a new stake in Primoris Services during the 2nd quarter valued at approximately $220,000. Legato Capital Management LLC purchased a new stake in Primoris Services during the 2nd quarter worth approximately $698,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Primoris Services by 9.3% during the 2nd 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 during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 over the last three months. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 0.8 %

NASDAQ PRIM opened at $80.65 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a one year low of $30.94 and a one year high of $84.97. The company has a 50-day simple moving average of $74.62 and a 200-day simple moving average of $61.02. The firm has a market capitalization of $4.33 billion, a PE ratio of 26.71 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, equities analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio is presently 10.60%.

Analyst Ratings Changes

PRIM has been the subject of a number of recent analyst reports. 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 report on Wednesday, November 6th. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group increased their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $86.00.

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.