A. D. Beadell Investment Counsel Inc. Sells 9,985 Shares of Primoris Services Co. (NASDAQ:PRIM)

A. D. Beadell Investment Counsel Inc. cut its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 11.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,845 shares of the construction company's stock after selling 9,985 shares during the period. Primoris Services makes up approximately 4.9% of A. D. Beadell Investment Counsel Inc.'s investment portfolio, making the stock its 2nd biggest position. A. D. Beadell Investment Counsel Inc. owned approximately 0.15% of Primoris Services worth $6,023,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PRIM. Nisa Investment Advisors LLC boosted its holdings in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after acquiring an additional 197 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services in the 3rd quarter worth $59,000. TD Private Client Wealth LLC raised its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC lifted its holdings in shares of Primoris Services by 37.5% during the third quarter. CWM LLC now owns 1,506 shares of the construction company's stock valued at $87,000 after purchasing an additional 411 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was 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 of the company's stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Lee King sold 2,000 shares of the business'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 value of $167,960.00. Following the completion of the sale, the director now 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,018 shares of company stock worth $1,854,974. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday. They set a "buy" rating and a $102.00 price target on the stock. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective for the company. DA Davidson increased their target price on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $88.67.

Primoris Services Stock Down 1.6 %

Shares of Primoris Services stock traded down $1.30 on Friday, hitting $77.63. 503,037 shares of the company traded hands, compared to its average volume of 473,873. Primoris Services Co. has a 12-month low of $32.01 and a 12-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 market cap of $4.17 billion, a PE ratio of 25.71 and a beta of 1.14. The company has a 50-day moving average price of $79.59 and a 200 day moving average price of $63.65.

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 for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. Sell-side analysts predict that Primoris Services Co. will post 3.47 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. Stockholders of record on Tuesday, December 31st will be paid 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 of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services's dividend payout ratio is 10.60%.

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.