Barclays PLC Has $6.63 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Barclays PLC grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 245.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,116 shares of the construction company's stock after acquiring an additional 81,111 shares during the period. Barclays PLC owned about 0.21% of Primoris Services worth $6,628,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PRIM. Quest Partners LLC raised its stake in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after buying an additional 15,450 shares during the period. Benjamin Edwards Inc. raised its stake in Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after acquiring an additional 6,487 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Primoris Services by 74.6% during 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 purchasing an additional 23,200 shares during the last quarter. Morse Asset Management Inc boosted its position in Primoris Services by 112.9% during the second quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company's stock worth $871,000 after purchasing an additional 9,255 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Primoris Services by 13.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company's stock valued at $4,859,000 after purchasing an additional 11,488 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated 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 in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the company'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 transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company's stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 over the last three months. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on PRIM shares. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price for the company. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their target price 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. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target for the company. Finally, UBS Group increased 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, November 14th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $86.00.

Primoris Services Price Performance

NASDAQ:PRIM traded up $2.16 during trading hours on Thursday, reaching $80.04. 723,951 shares of the company were exchanged, compared to its average volume of 585,034. The company has a market capitalization of $4.30 billion, a P/E ratio of 26.50 and a beta of 1.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business has a 50 day moving average of $73.89 and a 200 day moving average of $60.76. Primoris Services Co. has a 1-year low of $30.94 and a 1-year high of $84.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. Primoris Services's revenue for the quarter was up 7.8% compared to the same quarter last year. Research analysts forecast that Primoris Services Co. will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given 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 0.40%. Primoris Services's dividend payout ratio (DPR) is currently 10.60%.

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.