Hilton Capital Management LLC Trims Position in Primoris Services Co. (NASDAQ:PRIM)

Hilton Capital Management LLC reduced its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,396 shares of the construction company's stock after selling 6,946 shares during the period. Hilton Capital Management LLC owned approximately 0.09% of Primoris Services worth $2,811,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of Primoris Services by 185.7% during the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company's stock worth $2,758,000 after buying an additional 42,112 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Primoris Services by 74.6% during the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company's stock worth $2,708,000 after buying an additional 23,200 shares in the last quarter. Boston Partners increased its holdings in shares of Primoris Services by 5.7% during the first quarter. Boston Partners now owns 537,293 shares of the construction company's stock worth $23,332,000 after buying an additional 28,997 shares in the last quarter. SG Capital Management LLC acquired a new position in shares of Primoris Services during the first quarter worth $4,192,000. Finally, Jane Street Group LLC increased its holdings in shares of Primoris Services by 384.8% during the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company's stock worth $4,930,000 after buying an additional 91,915 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of Primoris Services stock traded down $0.94 during mid-day trading on Wednesday, hitting $80.42. 515,345 shares of the stock were exchanged, compared to its average volume of 584,586. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $4.32 billion, a P/E ratio of 26.95 and a beta of 1.05. The company has a 50-day simple moving average of $64.07 and a 200 day simple moving average of $56.51. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.40.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating 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 analyst estimates of $1.58 billion. During the same period in the previous year, the business earned $1.02 EPS. Primoris Services's revenue was up 7.8% compared to the same quarter last year. Sell-side analysts anticipate that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services's payout ratio is currently 7.95%.

Analysts Set New Price Targets

PRIM has been the topic of several analyst reports. The Goldman Sachs Group boosted 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. UBS Group boosted their price objective 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. 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 equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $83.50.

Insider Activity

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.30% of the company's stock.

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.