Charles Schwab Investment Management Inc. grew its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 17.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 607,010 shares of the construction company's stock after acquiring an additional 91,235 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.13% of Primoris Services worth $35,255,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in PRIM. Nisa Investment Advisors LLC raised its holdings in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. raised its holdings in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after purchasing an additional 197 shares during the period. CWM LLC raised its holdings in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after purchasing an additional 220 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the second quarter valued at about $70,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Primoris Services in the second quarter valued at about $100,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
PRIM has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. Finally, DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $83.50.
Read Our Latest Analysis on PRIM
Insider Buying and Selling at Primoris Services
In other news, Director Stephen C. Cook sold 4,018 shares of the firm's stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.30% of the company's stock.
Primoris Services Stock Up 0.4 %
Shares of PRIM traded up $0.33 during trading hours on Tuesday, hitting $83.59. 392,665 shares of the company were exchanged, compared to its average volume of 580,528. The company has a market cap of $4.49 billion, a PE ratio of 23.26 and a beta of 1.12. The firm's 50 day moving average is $68.89 and its 200-day moving average is $58.64. Primoris Services Co. has a 52 week low of $30.88 and a 52 week high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.
Primoris Services (NASDAQ:PRIM - Get Free Report) last announced 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 firm 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 firm's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. On average, equities research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.
Primoris Services Increases Dividend
The firm 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. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services's dividend payout ratio is 7.95%.
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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