DRW Securities LLC lowered its holdings in Primoris Services Co. (NASDAQ:PRIM – Free Report) by 17.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the construction company’s stock after selling 5,150 shares during the period. DRW Securities LLC’s holdings in Primoris Services were worth $1,452,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in PRIM. Janus Henderson Group PLC lifted its stake in Primoris Services by 185.7% in the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after acquiring an additional 42,112 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Primoris Services by 74.6% in the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after acquiring an additional 23,200 shares during the last quarter. Quest Partners LLC lifted its stake in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after acquiring an additional 15,450 shares during the last quarter. Boston Partners lifted its stake in Primoris Services by 5.7% in the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after acquiring an additional 28,997 shares during the last quarter. Finally, SG Capital Management LLC acquired a new stake in Primoris Services in the first quarter valued at $4,192,000. Institutional investors own 91.82% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have commented on PRIM shares. UBS Group increased their price target 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. DA Davidson raised their target price 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. The Goldman Sachs Group raised 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. Finally, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $83.50.
Primoris Services Price Performance
Shares of Primoris Services stock opened at $83.98 on Tuesday. Primoris Services Co. has a twelve month low of $29.14 and a twelve month high of $84.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50-day simple moving average of $65.78 and a two-hundred day simple moving average of $57.23. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 27.81 and a beta of 1.05.
Primoris Services (NASDAQ:PRIM – Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the company earned $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.
Primoris Services Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.38%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.
Insider Buying and Selling at Primoris Services
In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % 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, 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 transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock valued at $4,762,468 in the last ninety days. 1.30% of the stock is currently owned by company insiders.
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.
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