Verition Fund Management LLC Has $39.54 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Verition Fund Management LLC reduced its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 18.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 680,824 shares of the construction company's stock after selling 151,047 shares during the quarter. Verition Fund Management LLC owned about 1.27% of Primoris Services worth $39,542,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC increased its holdings 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 purchasing an additional 42,112 shares during the period. Quest Partners LLC increased its stake in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after acquiring an additional 15,450 shares during the period. Canada Pension Plan Investment Board raised its holdings in Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company's stock valued at $2,708,000 after acquiring an additional 23,200 shares in the last quarter. Boston Partners lifted its position in shares of Primoris Services by 5.7% in the 1st quarter. Boston Partners now owns 537,293 shares of the construction company's stock worth $23,332,000 after acquiring an additional 28,997 shares during the period. 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 currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Stephen C. Cook sold 4,018 shares of the company's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now directly owns 7,908 shares of the company's stock, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. This represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock valued at $4,762,468 over the last 90 days. 1.40% of the stock is owned by insiders.

Primoris Services Trading Up 0.6 %

PRIM traded up $0.54 during trading on Friday, reaching $83.71. 253,074 shares of the company's stock were exchanged, compared to its average volume of 581,924. The company's fifty day moving average price is $68.40 and its 200-day moving average price is $58.30. The firm has a market capitalization of $4.50 billion, a PE ratio of 27.72 and a beta of 1.05. 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 fifty-two week low of $29.14 and a fifty-two week high of $84.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. As a group, equities analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

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

Analyst Ratings Changes

Several brokerages have issued reports on PRIM. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report 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.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.50.

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.