8,305 Shares in Primoris Services Co. (NASDAQ:PRIM) Bought by Aigen Investment Management LP

Aigen Investment Management LP purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,305 shares of the construction company's stock, valued at approximately $482,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Versor Investments LP lifted its position in shares of Primoris Services by 116.1% during the third quarter. Versor Investments LP now owns 12,100 shares of the construction company's stock worth $703,000 after purchasing an additional 6,500 shares during the last quarter. Chartwell Investment Partners LLC acquired a new position in shares of Primoris Services during the third quarter valued at $1,326,000. Peregrine Asset Advisers Inc. bought a new stake in Primoris Services during the third quarter worth approximately $5,107,000. State of New Jersey Common Pension Fund D raised its position in Primoris Services by 4.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 35,863 shares of the construction company's stock worth $2,083,000 after acquiring an additional 1,624 shares in the last quarter. Finally, Atria Investments Inc boosted its holdings in Primoris Services by 12.7% during the third quarter. Atria Investments Inc now owns 14,944 shares of the construction company's stock worth $868,000 after buying an additional 1,684 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of research reports. UBS Group raised their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note 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 for the company. Finally, DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.50.

Primoris Services Stock Down 1.1 %

Shares of NASDAQ:PRIM traded down $0.84 during trading on Friday, hitting $78.07. 637,919 shares of the company's stock traded hands, compared to its average volume of 584,348. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $62.82 and a 200-day moving average price of $55.91. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05.

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 analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. As a group, research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.41%. Primoris Services's payout ratio is currently 7.95%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction 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 sale, the director now owns 162,281 shares of the company's stock, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the firm'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. In the last ninety days, insiders sold 75,409 shares of company stock worth $4,762,468. 1.40% of the stock is currently owned by corporate insiders.

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.