Aigen Investment Management LP Buys Shares of 8,305 Primoris Services Co. (NASDAQ:PRIM)

Aigen Investment Management LP purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,305 shares of the construction company’s stock, valued at approximately $482,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PRIM. Envestnet Portfolio Solutions Inc. acquired a new position in Primoris Services during the first quarter worth $204,000. SG Americas Securities LLC bought a new position in shares of Primoris Services in the 1st quarter valued at approximately $255,000. ProShare Advisors LLC lifted its holdings in Primoris Services by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after purchasing an additional 751 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Primoris Services by 26.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after purchasing an additional 3,940 shares during the last quarter. Finally, PAX Financial Group LLC bought a new stake in Primoris Services during the first quarter worth approximately $757,000. Institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated 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 completion of 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 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,391 shares of company stock valued at $3,227,734 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRIM. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson boosted their target price 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. The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $78.91 on Friday. The firm’s 50-day moving average is $62.23 and its 200-day moving average is $55.69. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 26.13 and a beta of 1.05. 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 52-week low of $29.14 and a 52-week high of $83.40.

Primoris Services (NASDAQ:PRIM) last posted 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 return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm posted $1.02 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts anticipate that Primoris Services Co. will post 3.45 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 paid 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 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 7.95%.

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.