Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Foundry Partners LLC

Foundry Partners LLC lessened its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 22.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,358 shares of the construction company's stock after selling 22,443 shares during the quarter. Foundry Partners LLC owned about 0.14% of Primoris Services worth $4,435,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of Primoris Services in the 2nd quarter valued at about $28,089,000. Victory Capital Management Inc. lifted its stake in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock valued at $18,285,000 after purchasing an additional 327,412 shares during the last quarter. Decade Renewable Partners LP purchased a new position in shares of Primoris Services in the 2nd quarter worth approximately $9,584,000. Renaissance Technologies LLC bought a new position in shares of Primoris Services during the 2nd quarter valued at approximately $6,366,000. Finally, Nicholas Investment Partners LP purchased a new stake in Primoris Services during the 2nd quarter valued at $5,489,000. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, 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. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.50.

Primoris Services Trading Down 0.3 %

PRIM traded down $0.24 on Friday, reaching $83.02. 592,021 shares of the company traded hands, compared to its average volume of 584,603. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.46 billion, a P/E ratio of 27.30 and a beta of 1.05. The firm has a fifty day simple moving average of $65.21 and a two-hundred day simple moving average of $56.86. Primoris Services Co. has a one year low of $29.14 and a one year high of $83.81.

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 15.23% 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. As a group, equities research analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 annualized dividend and a dividend yield of 0.39%. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio (DPR) is currently 10.60%.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm's 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 transaction, the director now owns 162,281 shares of the company's stock, valued at approximately $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,409 shares of company stock worth $4,762,468 over the last three months. 1.40% of the stock is owned by corporate 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.