Primoris Services Co. (NASDAQ:PRIM) Holdings Lifted by Versor Investments LP

Versor Investments LP raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 116.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,100 shares of the construction company’s stock after buying an additional 6,500 shares during the period. Versor Investments LP’s holdings in Primoris Services were worth $703,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PRIM. Nisa Investment Advisors LLC grew its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. increased its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the period. CWM LLC grew its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services during the 2nd quarter worth about $70,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Primoris Services during the second quarter worth approximately $100,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. UBS Group boosted their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. DA Davidson increased their price objective 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. Finally, The Goldman Sachs Group upped their target price 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.25.

Primoris Services Stock Down 1.0 %

Primoris Services stock opened at $79.20 on Thursday. The company has a fifty day simple moving average of $61.66 and a 200 day simple moving average of $55.53. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40. 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 company has a market cap of $4.25 billion, a P/E ratio of 26.23 and a beta of 1.05.

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

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,391 shares of company stock worth $3,227,734. Company insiders own 1.40% of the company’s stock.

Primoris Services 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.