Primoris Services Co. (NASDAQ:PRIM) Shares Sold by MML Investors Services LLC

MML Investors Services LLC lessened its holdings in Primoris Services Co. (NASDAQ:PRIM) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,338 shares of the construction company’s stock after selling 206 shares during the quarter. MML Investors Services LLC’s holdings in Primoris Services were worth $484,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PRIM. Nisa Investment Advisors LLC raised its position in shares of Primoris Services by 414.2% in the 3rd 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. raised its holdings in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in shares of Primoris Services in the third quarter worth $59,000. CWM LLC lifted its stake in shares of Primoris Services by 37.5% during the third quarter. CWM LLC now owns 1,506 shares of the construction company’s stock worth $87,000 after buying an additional 411 shares during the period. Finally, KBC Group NV grew its holdings in shares of Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.8 %

Primoris Services stock opened at $80.65 on Monday. 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 market cap of $4.33 billion, a PE ratio of 26.71 and a beta of 1.12. The stock’s 50 day simple moving average is $75.00 and its two-hundred day simple moving average is $61.31. Primoris Services Co. has a 12 month low of $30.94 and a 12 month high of $84.97.

Primoris Services (NASDAQ:PRIM) last released 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. The company 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 firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.02 earnings per share. Analysts anticipate that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. 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 an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is currently 10.60%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now directly owns 7,908 shares of the company’s stock, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PRIM. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. 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 report on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. Finally, 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 note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $86.00.

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.