Whalen Wealth Management Inc. Takes $464,000 Position in Primoris Services Co. (NASDAQ:PRIM)

Whalen Wealth Management Inc. acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,983 shares of the construction company's stock, valued at approximately $464,000.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. bought a new stake in Primoris Services during the 1st quarter worth approximately $204,000. SG Americas Securities LLC bought a new stake in Primoris Services during the 1st quarter worth approximately $255,000. ProShare Advisors LLC grew its holdings in Primoris Services by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company's stock worth $406,000 after acquiring an additional 751 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Primoris Services by 26.0% during 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 acquiring an additional 3,940 shares during the last quarter. Finally, Boulder Hill Capital Management LP bought a new stake in Primoris Services during the 1st quarter worth approximately $651,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PRIM shares. The Goldman Sachs Group boosted 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. DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. assumed 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 on the stock. Finally, UBS Group upped their price objective 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.50.

Primoris Services Stock Up 2.9 %

NASDAQ PRIM traded up $2.32 on Tuesday, hitting $81.38. 555,635 shares of the company were exchanged, compared to its average volume of 584,895. The company has a market cap of $4.37 billion, a PE ratio of 26.95 and a beta of 1.05. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.40. The stock has a fifty day moving average of $64.07 and a 200-day moving average of $56.51. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its 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. The business 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%. Primoris Services's revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. 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 0.39%. Primoris Services's dividend payout ratio is currently 7.95%.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.30% of the company's stock.

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.