Citigroup Inc. Raises Stake in Primoris Services Co. (NASDAQ:PRIM)

Citigroup Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 268.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,058 shares of the construction company's stock after purchasing an additional 55,434 shares during the period. Citigroup Inc. owned about 0.14% of Primoris Services worth $4,417,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Marshall Wace LLP acquired a new position in Primoris Services in the second quarter valued at approximately $28,089,000. Victory Capital Management Inc. raised its stake in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock worth $18,285,000 after purchasing an additional 327,412 shares during the last quarter. Decade Renewable Partners LP purchased a new stake in shares of Primoris Services during the second quarter worth approximately $9,584,000. Renaissance Technologies LLC purchased a new stake in shares of Primoris Services during the second quarter worth approximately $6,366,000. Finally, Nicholas Investment Partners LP purchased a new stake in shares of Primoris Services during the second quarter worth approximately $5,489,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Primoris Services stock traded up $1.32 during trading hours on Wednesday, hitting $84.91. The stock had a trading volume of 661,970 shares, compared to its average volume of 580,883. 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 stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 27.68 and a beta of 1.12. Primoris Services Co. has a 1-year low of $30.88 and a 1-year high of $84.97. The stock's fifty day moving average is $69.41 and its two-hundred day moving average is $58.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 earnings per share. As a group, analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio (DPR) is presently 10.60%.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the sale, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company's stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,409 shares of company stock valued at $4,930,428 over the last quarter. Insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. 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. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective for the company. Finally, DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research report 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.50.

Primoris Services Company 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.