Dynamic Technology Lab Private Ltd Sells 46,983 Shares of Primoris Services Co. (NASDAQ:PRIM)

Dynamic Technology Lab Private Ltd decreased its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 84.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,361 shares of the construction company's stock after selling 46,983 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Primoris Services were worth $486,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. boosted its stake in shares of Primoris Services by 27.3% in the 3rd 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 boosted 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 in the last quarter. FSC Wealth Advisors LLC bought a new position in shares of Primoris Services in the second quarter valued at $70,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Primoris Services in the second quarter valued at about $100,000. Institutional investors own 91.82% of the company's stock.

Insider Activity

In other news, Director Stephen C. Cook sold 4,018 shares of the firm's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

PRIM has been the subject of several recent research reports. The Goldman Sachs Group lifted their target price 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. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price on the stock. DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, UBS Group upped 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's stock. According to MarketBeat, Primoris Services has an average rating of "Moderate Buy" and an average target price of $83.50.

Primoris Services Stock Performance

PRIM stock traded up $0.54 during trading on Friday, hitting $83.71. 253,074 shares of the company traded hands, compared to its average volume of 581,924. The company has a market cap of $4.50 billion, a PE ratio of 27.72 and a beta of 1.05. Primoris Services Co. has a 1 year low of $29.14 and a 1 year high of $84.97. The stock's 50-day simple moving average is $68.40 and its 200 day simple moving average is $58.30. 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 (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, 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm earned $1.02 EPS. The business's revenue was up 7.8% compared to the same quarter last year. On average, equities analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared 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. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services's payout ratio is 10.60%.

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.