Phocas Financial Corp. Sells 17,510 Shares of Primoris Services Co. (NASDAQ:PRIM)

Phocas Financial Corp. cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 5.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 281,055 shares of the construction company's stock after selling 17,510 shares during the period. Primoris Services accounts for approximately 0.1% of Phocas Financial Corp.'s portfolio, making the stock its 26th biggest holding. Phocas Financial Corp. owned 0.52% of Primoris Services worth $16,324,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Whalen Wealth Management Inc. bought a new position in shares of Primoris Services during the third quarter valued at $464,000. Quest Partners LLC increased its position in shares of Primoris Services by 1,945.8% during the 3rd 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. Prudent Man Advisors LLC bought a new position in Primoris Services during the 3rd quarter valued at about $210,000. KBC Group NV boosted its position in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company's stock valued at $105,000 after buying an additional 399 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in Primoris Services during the third quarter worth about $482,000. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. DA Davidson increased their price objective on shares of 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 set an "overweight" rating and a $71.00 target price on the stock. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $83.50.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $1.86 on Tuesday, hitting $80.92. The company had a trading volume of 311,263 shares, compared to its average volume of 583,804. The stock has a 50 day moving average price of $63.43 and a 200 day moving average price of $56.27. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 26.86 and a beta of 1.05. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly 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 net margin of 2.68% and a return on equity of 15.23%. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. Analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared 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. This is an increase from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Tuesday, December 31st. Primoris Services's dividend payout ratio is 7.95%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business'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 completion of the transaction, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % 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 worth $4,762,468 in the last ninety days. Corporate insiders own 1.30% of the company's stock.

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.