Primoris Services Co. (NASDAQ:PRIM) Shares Bought by BNP Paribas Financial Markets

BNP Paribas Financial Markets lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 549.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,949 shares of the construction company’s stock after buying an additional 208,920 shares during the period. BNP Paribas Financial Markets owned approximately 0.46% of Primoris Services worth $14,343,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after buying an additional 91,235 shares during the period. Marshall Wace LLP purchased a new position in shares of Primoris Services in the 2nd quarter valued at $28,089,000. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Primoris Services by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares during the period. Finally, Cubist Systematic Strategies LLC increased its holdings in Primoris Services by 25.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company’s stock valued at $10,276,000 after purchasing an additional 41,797 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Trading Up 0.6 %

NASDAQ:PRIM opened at $83.71 on Monday. Primoris Services Co. has a one year low of $29.14 and a one year high of $84.97. The business’s 50-day simple moving average is $68.40 and its 200 day simple moving average is $58.36. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 27.72 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its 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 return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business posted $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

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

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,409 shares of company stock worth $4,762,468. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent research reports. The Goldman Sachs Group boosted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research 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 company’s stock. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $83.50.

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.