Principal Financial Group Inc. Acquires 15,710 Shares of Primoris Services Co. (NASDAQ:PRIM)

Principal Financial Group Inc. grew its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 45.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,620 shares of the construction company's stock after purchasing an additional 15,710 shares during the quarter. Principal Financial Group Inc. owned approximately 0.09% of Primoris Services worth $2,940,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. increased its stake 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. Millburn Ridgefield Corp acquired a new stake in Primoris Services during the 3rd quarter worth approximately $59,000. TD Private Client Wealth LLC boosted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC grew its holdings in Primoris Services by 37.5% in the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company's stock valued at $87,000 after buying an additional 411 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PRIM. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. DA Davidson increased their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target for the company. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Finally, UBS Group raised their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $86.00.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 61,390 shares of the company's stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction 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 transaction, the director now directly owns 25,818 shares of the company's stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,018 shares of company stock valued at $1,854,974 in the last 90 days. 1.40% of the stock is owned by corporate insiders.

Primoris Services Price Performance

NASDAQ PRIM traded up $2.71 on Friday, hitting $79.60. 391,341 shares of the company's stock were exchanged, compared to its average volume of 435,921. Primoris Services Co. has a 52 week low of $30.94 and a 52 week high of $84.97. The stock has a 50-day moving average of $78.34 and a 200-day moving average of $63.02. 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 $4.28 billion, a price-to-earnings ratio of 26.36 and a beta of 1.14.

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, beating analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 earnings per share. Analysts expect that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services's dividend payout ratio is presently 10.60%.

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.