Chartwell Investment Partners LLC Acquires Shares of 22,827 Primoris Services Co. (NASDAQ:PRIM)

Chartwell Investment Partners LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 22,827 shares of the construction company's stock, valued at approximately $1,326,000.

A number of other institutional investors have also recently made changes to their positions in PRIM. Marshall Wace LLP acquired a new position in shares of Primoris Services in the second quarter worth approximately $28,089,000. Boston Partners lifted its position in shares of Primoris Services by 5.7% in the 1st quarter. Boston Partners now owns 537,293 shares of the construction company's stock worth $23,332,000 after purchasing an additional 28,997 shares during the period. Victory Capital Management Inc. boosted its stake in shares of 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 purchasing an additional 327,412 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Primoris Services by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company's stock worth $16,992,000 after buying an additional 18,361 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in Primoris Services by 25.5% during the second quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company's stock worth $10,276,000 after buying an additional 41,797 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Lee King sold 2,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was 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 of the company's stock, valued at $1,965,782.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,391 shares of company stock worth $3,227,734 in the last quarter. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an "overweight" rating and a $71.00 price target on the stock. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. UBS Group raised their target price on Primoris Services from $69.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.25.

Primoris Services Stock Down 1.0 %

NASDAQ:PRIM traded down $0.82 on Wednesday, hitting $79.20. The stock had a trading volume of 1,178,533 shares, compared to its average volume of 584,295. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The business's fifty day moving average is $61.66 and its 200 day moving average is $55.53. The company has a market cap of $4.25 billion, a PE ratio of 26.23 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. The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $1.02 EPS. On average, equities research analysts expect that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. Primoris Services's payout ratio is presently 7.95%.

Primoris Services 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.