CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $2.27 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 62.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 39,000 shares of the construction company's stock after acquiring an additional 15,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.07% of Primoris Services worth $2,265,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its stake in shares of Primoris Services by 185.7% during the 1st 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 during the last quarter. LSV Asset Management increased its position in Primoris Services by 9.9% during the 1st quarter. LSV Asset Management now owns 582,842 shares of the construction company's stock valued at $24,812,000 after purchasing an additional 52,274 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Primoris Services by 74.6% in the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company's stock valued at $2,708,000 after buying an additional 23,200 shares during the period. Boston Partners boosted its position in shares of Primoris Services by 5.7% during the 1st quarter. Boston Partners now owns 537,293 shares of the construction company's stock valued at $23,332,000 after purchasing an additional 28,997 shares in the last quarter. Finally, SG Capital Management LLC acquired a new stake in shares of Primoris Services during the 1st quarter worth approximately $4,192,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 0.3 %

Shares of NASDAQ:PRIM traded up $0.18 during midday trading on Tuesday, reaching $63.55. The company's stock had a trading volume of 198,407 shares, compared to its average volume of 552,878. Primoris Services Co. has a 12-month low of $28.96 and a 12-month high of $63.85. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $3.41 billion, a P/E ratio of 18.72 and a beta of 1.07. The firm has a 50 day moving average of $56.43 and a 200-day moving average of $52.69.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.39. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. On average, research analysts anticipate that Primoris Services Co. will post 3.33 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, September 27th. This represents a $0.24 annualized dividend and a yield of 0.38%. Primoris Services's payout ratio is currently 8.45%.

Analyst Upgrades and Downgrades

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 for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $58.00.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction 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 sale, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider John M. Perisich sold 4,391 shares of the business's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were 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 in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently owned by company 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.

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