Inspire Investing LLC Sells 14,461 Shares of Primoris Services Co. (NASDAQ:PRIM)

Inspire Investing LLC lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 67.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,111 shares of the construction company's stock after selling 14,461 shares during the quarter. Inspire Investing LLC's holdings in Primoris Services were worth $413,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC increased its stake in Primoris Services by 25.1% in the 2nd 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 in the 2nd quarter worth approximately $70,000. Canton Hathaway LLC bought a new stake in Primoris Services in the 2nd quarter worth approximately $100,000. Innealta Capital LLC bought a new stake in Primoris Services in the 2nd quarter worth approximately $108,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Primoris Services in the 2nd quarter worth approximately $119,000. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of the business'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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $242,954.03. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock worth $3,075,454 in the last quarter. 1.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average price target of $58.00.

Primoris Services Trading Up 1.0 %

Shares of Primoris Services stock traded up $0.60 on Thursday, reaching $62.33. The company had a trading volume of 748,631 shares, compared to its average volume of 551,459. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 23.52 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The firm's 50-day moving average price is $55.99 and its two-hundred day moving average price is $52.30. Primoris Services Co. has a 1 year low of $28.96 and a 1 year high of $62.47.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.39. The firm had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. As a group, research analysts predict that Primoris Services Co. will post 3.33 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date was Friday, September 27th. Primoris Services's payout ratio is currently 9.06%.

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.