Creative Planning Buys New Shares in Primoris Services Co. (NASDAQ:PRIM)

Creative Planning acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,301 shares of the construction company's stock, valued at approximately $424,000.

Several other large investors have also made changes to their positions in the business. CWM LLC increased its stake in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after acquiring an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in Primoris Services during the second quarter worth approximately $70,000. Canton Hathaway LLC bought a new stake in Primoris Services during the second quarter worth approximately $100,000. Innealta Capital LLC bought a new stake in Primoris Services during the second quarter worth approximately $108,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Primoris Services during the second quarter worth approximately $119,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PRIM has been the topic of several analyst reports. 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. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set an "overweight" rating and a $71.00 target price for the company. The Goldman Sachs Group boosted 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. Finally, UBS Group boosted their target price on Primoris Services from $69.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. 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 Trading Up 2.9 %

Shares of NASDAQ PRIM traded up $2.21 during trading hours on Thursday, reaching $79.29. The stock had a trading volume of 973,593 shares, compared to its average volume of 577,091. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. The business's fifty day moving average price is $59.03 and its two-hundred day moving average price is $54.30. Primoris Services Co. has a 52-week low of $29.14 and a 52-week high of $80.09.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. Primoris Services's quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. Analysts expect that Primoris Services Co. will post 3.33 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued 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 yield of 0.40%. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio is currently 7.95%.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 2,000 shares of the company's stock in a transaction on 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 owns 25,818 shares in the company, valued at $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John M. Perisich sold 4,391 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of the company's stock in a transaction 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 transaction, the director now directly owns 25,818 shares in the company, valued at approximately $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 sold a total of 56,391 shares of company stock worth $3,227,734 over the last 90 days. Company insiders own 1.30% of the company's stock.

About Primoris Services

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.