Geode Capital Management LLC Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Geode Capital Management LLC lifted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,218,911 shares of the construction company's stock after acquiring an additional 15,070 shares during the quarter. Geode Capital Management LLC owned 2.27% of Primoris Services worth $70,810,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Quest Partners LLC lifted 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 worth $943,000 after purchasing an additional 15,450 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock worth $378,000 after acquiring an additional 6,487 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Primoris Services by 74.6% during 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 during the period. Morse Asset Management Inc grew its position in Primoris Services by 112.9% in the 2nd quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company's stock valued at $871,000 after acquiring an additional 9,255 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in Primoris Services by 13.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company's stock worth $4,859,000 after purchasing an additional 11,488 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Up 0.8 %

Shares of NASDAQ:PRIM traded up $0.61 on Friday, hitting $80.65. 1,082,758 shares of the company's stock were exchanged, compared to its average volume of 587,057. The firm's 50-day moving average is $75.00 and its 200 day moving average is $61.20. The company has a market capitalization of $4.33 billion, a PE ratio of 26.71 and a beta of 1.12. Primoris Services Co. has a 1-year low of $30.94 and a 1-year high of $84.97. 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 (NASDAQ:PRIM - Get Free Report) last released 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 company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter last year, the company earned $1.02 earnings per share. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts predict that Primoris Services Co. will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. Primoris Services's dividend payout ratio (DPR) is presently 10.60%.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director now owns 25,818 shares in the company, valued at $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business'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 transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 23,018 shares of company stock valued at $1,854,974 in the last three months. 1.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PRIM has been the subject of several recent research reports. DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. started 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. UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of "Buy" and an average target price of $86.00.

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.