Primoris Services Co. (NASDAQ:PRIM) Shares Sold by PEAK6 Investments LLC

PEAK6 Investments LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 60.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,858 shares of the construction company's stock after selling 16,359 shares during the quarter. PEAK6 Investments LLC's holdings in Primoris Services were worth $631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nisa Investment Advisors LLC raised 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 acquiring an additional 584 shares in the last quarter. Blue Trust Inc. increased its holdings in Primoris Services by 27.3% during the 3rd 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 grew its position in shares of 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 in the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the 2nd quarter valued at approximately $70,000. Finally, Canton Hathaway LLC acquired a new position in Primoris Services during the 2nd quarter valued at approximately $100,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. assumed 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. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Finally, DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and a consensus price target of $83.50.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares of the company's stock, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the company's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares of the company's stock, valued at $621,015.24. This represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. Company insiders own 1.30% of the company's stock.

Primoris Services Stock Performance

Primoris Services stock traded up $0.81 during mid-day trading on Wednesday, reaching $84.40. The company's stock had a trading volume of 416,313 shares, compared to its average volume of 579,677. The firm's fifty day moving average price is $69.41 and its two-hundred day moving average price is $58.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 12-month low of $30.88 and a 12-month high of $84.97. The company has a market capitalization of $4.53 billion, a P/E ratio of 27.68 and a beta of 1.12.

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

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services's dividend payout ratio (DPR) is presently 10.60%.

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.