Virtue Capital Management LLC Has $952,000 Stake in Primoris Services Co. (NASDAQ:PRIM)

Virtue Capital Management LLC boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,392 shares of the construction company’s stock after buying an additional 342 shares during the period. Virtue Capital Management LLC’s holdings in Primoris Services were worth $952,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Marshall Wace LLP bought a new position in shares of Primoris Services in the second quarter worth about $28,089,000. Summit Partners Public Asset Management LLC lifted its holdings in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after acquiring an additional 374,926 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after acquiring an additional 327,412 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after acquiring an additional 208,920 shares during the last quarter. Finally, Decade Renewable Partners LP bought a new position in shares of Primoris Services in the second quarter worth about $9,584,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on PRIM. The Goldman Sachs Group increased their target price 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. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $83.50.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 25,000 shares of the firm’s 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 completion of the sale, the director now 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,409 shares of company stock worth $4,930,428. 1.30% of the stock is currently owned by insiders.

Primoris Services Stock Down 1.4 %

Shares of NASDAQ PRIM opened at $77.51 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1 year low of $30.94 and a 1 year high of $84.97. The company has a 50 day simple moving average of $71.77 and a 200 day simple moving average of $59.86. The firm has a market cap of $4.16 billion, a PE ratio of 25.67 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last released 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. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business earned $1.02 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.41%. Primoris Services’s dividend payout ratio (DPR) is presently 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.