AMI Asset Management Corp Acquires New Stake in Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,702 shares of the construction company's stock, valued at approximately $738,000.

Several other institutional investors also recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. boosted its position in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC boosted its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC purchased a new position in Primoris Services in the second quarter worth about $70,000. Finally, Canton Hathaway LLC purchased a new position in Primoris Services in the second quarter worth about $100,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. UBS Group raised their target price on Primoris Services from $69.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set 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 issued a buy rating to the company's stock. According to MarketBeat, Primoris Services has an average rating of "Moderate Buy" and an average price target of $61.00.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.46 during trading hours on Wednesday, reaching $63.75. 858,997 shares of the company traded hands, compared to its average volume of 557,135. Primoris Services Co. has a 12-month low of $28.96 and a 12-month high of $64.36. 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 company has a market cap of $3.42 billion, a P/E ratio of 22.45 and a beta of 1.07. The firm has a 50-day moving average price of $57.46 and a 200 day moving average price of $53.38.

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

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services's dividend payout ratio (DPR) is presently 8.45%.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on 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 sale, the director now owns 162,281 shares of the company's stock, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.30% of the stock is 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.