Connor Clark & Lunn Investment Management Ltd. Has $1.82 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 150.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,293 shares of the construction company's stock after purchasing an additional 18,823 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Primoris Services worth $1,817,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Whalen Wealth Management Inc. bought a new stake in shares of Primoris Services in the third quarter worth $464,000. Quest Partners LLC boosted its holdings in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock worth $943,000 after purchasing an additional 15,450 shares during the last quarter. Prudent Man Advisors LLC bought a new stake in Primoris Services during the third quarter worth $210,000. KBC Group NV boosted its stake in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company's stock valued at $105,000 after acquiring an additional 399 shares during the last quarter. Finally, Aigen Investment Management LP bought a new stake in shares of Primoris Services in the third quarter valued at $482,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity

In related news, insider John M. Perisich sold 4,391 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock valued at $4,762,468 in the last three months. Corporate insiders own 1.40% of the company's stock.

Primoris Services Trading Down 0.4 %

PRIM traded down $0.30 during trading hours on Tuesday, reaching $83.68. The company's stock had a trading volume of 460,718 shares, compared to its average volume of 584,418. The stock has a market cap of $4.49 billion, a PE ratio of 27.68 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a fifty-two week low of $29.14 and a fifty-two week high of $84.97. The business's 50-day moving average is $66.37 and its 200-day moving average is $57.47.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. The business 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%. The business's revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 earnings per share. As a group, equities research analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. DA Davidson increased their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their target price 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. began coverage on Primoris Services in a research report on Monday, October 7th. They set an "overweight" rating and a $71.00 price target for the company. Finally, UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.50.

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.