Intech Investment Management LLC Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Intech Investment Management LLC purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 15,713 shares of the construction company's stock, valued at approximately $913,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Price T Rowe Associates Inc. MD raised its stake in shares of Primoris Services by 3.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company's stock valued at $2,953,000 after acquiring an additional 2,391 shares during the last quarter. Janus Henderson Group PLC raised its position in Primoris Services by 185.7% in the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company's stock valued at $2,758,000 after purchasing an additional 42,112 shares during the last quarter. Jane Street Group LLC boosted its stake in Primoris Services by 384.8% in the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company's stock worth $4,930,000 after purchasing an additional 91,915 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Primoris Services by 240.0% during the first quarter. Tidal Investments LLC now owns 28,560 shares of the construction company's stock worth $1,216,000 after purchasing an additional 20,160 shares during the last quarter. Finally, Boston Partners increased its stake in shares of 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 buying an additional 28,997 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the business's 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 completion of 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.40% of the company's stock.

Primoris Services Trading Up 0.6 %

Shares of NASDAQ PRIM traded up $0.54 during mid-day trading on Friday, hitting $83.71. The company's stock had a trading volume of 253,074 shares, compared to its average volume of 581,924. Primoris Services Co. has a one year low of $29.14 and a one year high of $84.97. The company's fifty day simple moving average is $67.91 and its 200-day simple moving average is $58.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 27.54 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share. On average, sell-side analysts anticipate 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. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. 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 0.38%. Primoris Services's dividend payout ratio is presently 7.95%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. began 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. UBS Group raised their price target 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. Finally, DA Davidson upped their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. 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 MarketBeat.com, Primoris Services presently has a consensus rating of "Moderate Buy" and an average price target of $83.50.

Primoris Services Company 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.