Ausbil Investment Management Ltd trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 51.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,128 shares of the construction company's stock after selling 30,095 shares during the quarter. Primoris Services accounts for approximately 1.4% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 28th biggest position. Ausbil Investment Management Ltd owned 0.05% of Primoris Services worth $2,239,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PRIM. Geode Capital Management LLC grew its holdings in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after purchasing an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC grew its stake in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after acquiring an additional 374,926 shares in the last quarter. Yaupon Capital Management LP grew its stake in shares of Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after acquiring an additional 91,235 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of Primoris Services by 12.6% in the third quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company's stock valued at $15,205,000 after acquiring an additional 29,200 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
PRIM has been the topic of several recent research reports. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price target on the stock. KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. The Goldman Sachs Group lifted their price target 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. UBS Group increased their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of "Buy" and a consensus target price of $91.50.
Get Our Latest Stock Analysis on PRIM
Primoris Services Stock Up 0.1 %
NASDAQ:PRIM traded up $0.10 during midday trading on Tuesday, hitting $75.23. 312,979 shares of the company were exchanged, compared to its average volume of 696,427. Primoris Services Co. has a fifty-two week low of $33.40 and a fifty-two week high of $90.86. The company has a market capitalization of $4.04 billion, a PE ratio of 24.91 and a beta of 1.14. 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 fifty day simple moving average of $80.45 and a 200 day simple moving average of $67.45.
Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.
Insider Transactions at Primoris Services
In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value 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. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company's stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.30% of the company's stock.
About Primoris Services
(
Free Report)
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.
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