Cornercap Investment Counsel Inc. Sells 12,881 Shares of Primoris Services Co. (NASDAQ:PRIM)

Cornercap Investment Counsel Inc. reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 53.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,311 shares of the construction company's stock after selling 12,881 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Primoris Services were worth $657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Nisa Investment Advisors LLC lifted its holdings in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. increased its holdings in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC lifted its stake in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock valued at $55,000 after buying an additional 220 shares during the period. FSC Wealth Advisors LLC bought a new position in Primoris Services during the second quarter worth about $70,000. Finally, Canton Hathaway LLC acquired a new position in shares of Primoris Services during the 2nd quarter worth about $100,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analyst Weigh In

PRIM has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 price objective on the stock. DA Davidson increased 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. Finally, UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.50.

Primoris Services Stock Down 1.1 %

Shares of NASDAQ:PRIM traded down $0.84 during mid-day trading on Friday, reaching $78.07. 637,931 shares of the stock were exchanged, compared to its average volume of 584,348. The company has a market cap of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05. The stock's 50 day simple moving average is $62.82 and its 200-day simple moving average is $55.97. 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 one year low of $29.14 and a one year high of $83.40.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities research analysts predict 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 dividend of $0.08 per share. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services's payout ratio is 7.95%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % 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 hyperlink. Also, insider John M. Perisich sold 4,391 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,409 shares of company stock valued at $4,762,468. 1.40% of the stock is owned by insiders.

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.