Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by AMI Asset Management Corp

AMI Asset Management Corp raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 50.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 19,052 shares of the construction company's stock after purchasing an additional 6,350 shares during the period. AMI Asset Management Corp's holdings in Primoris Services were worth $1,456,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. State of New Jersey Common Pension Fund D purchased a new position in Primoris Services during the 2nd quarter valued at about $1,708,000. American Century Companies Inc. increased its stake in shares of Primoris Services by 33.0% during the 2nd quarter. American Century Companies Inc. now owns 129,472 shares of the construction company's stock worth $6,459,000 after purchasing an additional 32,096 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Primoris Services during the 2nd quarter worth approximately $6,366,000. Canada Pension Plan Investment Board lifted its stake in Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company's stock valued at $2,708,000 after buying an additional 23,200 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in Primoris Services by 23.1% during the 2nd quarter. Sei Investments Co. now owns 32,103 shares of the construction company's stock valued at $1,602,000 after buying an additional 6,022 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 4.8 %

Primoris Services stock traded up $4.06 during trading on Tuesday, reaching $88.92. The company had a trading volume of 668,969 shares, compared to its average volume of 527,060. Primoris Services Co. has a 12-month low of $32.13 and a 12-month high of $89.18. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock's 50 day moving average price is $80.67 and its two-hundred day moving average price is $65.43. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 29.44 and a beta of 1.14.

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 the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion during 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 quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 EPS. As a group, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.36%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is presently 10.60%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares in the company, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm'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 completion of the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,018 shares of company stock worth $1,854,974. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of analyst reports. DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price on the stock. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $88.67.

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.