87,927 Shares in Primoris Services Co. (NASDAQ:PRIM) Purchased by Peregrine Asset Advisers Inc.

Peregrine Asset Advisers Inc. acquired a new stake 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 fund acquired 87,927 shares of the construction company's stock, valued at approximately $5,107,000. Primoris Services makes up 1.8% of Peregrine Asset Advisers Inc.'s investment portfolio, making the stock its 15th largest position. Peregrine Asset Advisers Inc. owned approximately 0.16% of Primoris Services at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Marshall Wace LLP bought a new stake in shares of Primoris Services during the 2nd quarter worth approximately $28,089,000. Boston Partners increased its stake 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 worth $23,332,000 after purchasing an additional 28,997 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock worth $18,285,000 after purchasing an additional 327,412 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Primoris Services by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company's stock valued at $16,992,000 after purchasing an additional 18,361 shares during the period. Finally, Cubist Systematic Strategies LLC grew its holdings in Primoris Services by 25.5% during the second quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company's stock worth $10,276,000 after purchasing an additional 41,797 shares during the period. Institutional investors own 91.82% of the company's stock.

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company's stock, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Insiders sold a total of 56,391 shares of company stock valued at $3,227,734 in the last quarter. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on PRIM. DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, UBS Group increased their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $77.25.

Primoris Services Price Performance

NASDAQ PRIM traded up $0.16 during trading on Monday, hitting $81.80. 486,504 shares of the company's stock were exchanged, compared to its average volume of 577,895. The company has a market cap of $4.39 billion, a PE ratio of 27.03 and a beta of 1.05. The stock's 50 day moving average price is $60.01 and its two-hundred day moving average price is $54.87. The company has a current ratio of 1.38, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a fifty-two week low of $29.14 and a fifty-two week high of $83.40.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the prior year, the company posted $1.02 EPS. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. Research analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.39%. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is presently 7.95%.

Primoris Services 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.