Bruni J V & Co. Co. Sells 6,403 Shares of Primoris Services Co. (NASDAQ:PRIM)

Bruni J V & Co. Co. cut its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 575,914 shares of the construction company's stock after selling 6,403 shares during the quarter. Primoris Services comprises about 3.7% of Bruni J V & Co. Co.'s portfolio, making the stock its 10th biggest holding. Bruni J V & Co. Co. owned approximately 1.07% of Primoris Services worth $33,449,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Marshall Wace LLP acquired a new position in Primoris Services in the 2nd quarter valued at $28,089,000. Victory Capital Management Inc. raised its holdings in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock valued at $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Decade Renewable Partners LP acquired a new position in Primoris Services in the 2nd quarter valued at $9,584,000. Renaissance Technologies LLC acquired a new position in Primoris Services in the 2nd quarter valued at $6,366,000. Finally, Nicholas Investment Partners LP acquired a new position in Primoris Services in the 2nd quarter valued at $5,489,000. 91.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's 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 sale, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 4,018 shares of the company's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.30% of the company's stock.

Primoris Services Price Performance

PRIM traded up $2.32 on Tuesday, reaching $81.38. The stock had a trading volume of 555,635 shares, compared to its average volume of 584,895. Primoris Services Co. has a fifty-two week low of $29.14 and a fifty-two week high of $83.40. The firm has a 50-day moving average of $64.07 and a 200-day moving average of $56.51. 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 market capitalization of $4.37 billion, a price-to-earnings ratio of 26.95 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 (EPS) for the quarter, topping 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 analysts' expectations of $1.58 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is 7.95%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. 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 Primoris Services in a report on Monday, October 7th. They set an "overweight" rating and a $71.00 price target for the company. The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Finally, UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average target price of $83.50.

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.