Benjamin Edwards Inc. Has $378,000 Stake in Primoris Services Co. (NASDAQ:PRIM)

Benjamin Edwards Inc. lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 40,543.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,503 shares of the construction company's stock after acquiring an additional 6,487 shares during the quarter. Benjamin Edwards Inc.'s holdings in Primoris Services were worth $378,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC grew its holdings in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. raised its position in shares of Primoris Services by 27.3% during 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 period. CWM LLC raised its position in shares of Primoris Services by 25.1% during 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 period. FSC Wealth Advisors LLC bought a new position in shares of Primoris Services during the 2nd quarter valued at about $70,000. Finally, Canton Hathaway LLC bought a new stake in Primoris Services during the 2nd quarter worth approximately $100,000. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRIM. The Goldman Sachs Group lifted their price target 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. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. UBS Group increased their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.50.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares in the company, 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 at this link. 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 sale, the director now directly owns 162,281 shares of the company's stock, valued at approximately $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,409 shares of company stock valued at $4,930,428. 1.30% of the stock is currently owned by corporate insiders.

Primoris Services Stock Down 1.4 %

Primoris Services stock traded down $1.07 during mid-day trading on Tuesday, reaching $77.51. The company's stock had a trading volume of 694,023 shares, compared to its average volume of 582,016. The business's 50 day simple moving average is $71.77 and its 200 day simple moving average is $59.86. 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 $30.94 and a 12 month high of $84.97. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 25.67 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released 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. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 earnings per share. As a group, research analysts anticipate that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced 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 represents a $0.32 dividend on an annualized basis and a yield of 0.41%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. 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.