Martingale Asset Management L P Buys New Stake in Primoris Services Co. (NASDAQ:PRIM)

Martingale Asset Management L P purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,027 shares of the construction company's stock, valued at approximately $873,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Nisa Investment Advisors LLC lifted its stake in shares of Primoris Services by 414.2% during the 3rd 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 in the last quarter. Blue Trust Inc. lifted its stake in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC lifted its stake in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock valued at $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of Primoris Services during the 2nd quarter valued at $70,000. Finally, KBC Group NV lifted its stake in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company's stock valued at $105,000 after buying an additional 399 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,409 shares of company stock valued at $4,762,468 in the last three months. Company insiders own 1.30% of the company's stock.

Primoris Services Trading Up 0.4 %

NASDAQ:PRIM traded up $0.33 during mid-day trading on Tuesday, hitting $83.59. 392,665 shares of the stock traded hands, compared to its average volume of 580,528. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 23.26 and a beta of 1.12. Primoris Services Co. has a 52 week low of $30.88 and a 52 week high of $84.97. The firm's 50 day moving average is $68.89 and its two-hundred day moving average is $58.64. 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 (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. On average, equities research analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.38%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services's payout ratio is 7.95%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PRIM shares. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. DA Davidson boosted their target price on shares of 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 boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $83.50.

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.