Quantbot Technologies LP Purchases 10,521 Shares of Primoris Services Co. (NASDAQ:PRIM)

Quantbot Technologies LP boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 196.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,872 shares of the construction company's stock after purchasing an additional 10,521 shares during the quarter. Quantbot Technologies LP's holdings in Primoris Services were worth $922,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PRIM. Price T Rowe Associates Inc. MD boosted its position in shares of Primoris Services by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company's stock worth $2,953,000 after buying an additional 2,391 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Primoris Services by 185.7% during the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company's stock valued at $2,758,000 after purchasing an additional 42,112 shares during the period. Jane Street Group LLC raised its position in shares of Primoris Services by 384.8% during the 1st quarter. Jane Street Group LLC now owns 115,803 shares of the construction company's stock worth $4,930,000 after buying an additional 91,915 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Primoris Services by 240.0% in the first quarter. Tidal Investments LLC now owns 28,560 shares of the construction company's stock valued at $1,216,000 after acquiring an additional 20,160 shares in the last quarter. Finally, CWM LLC increased its stake 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 valued at $55,000 after acquiring an additional 220 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PRIM shares. DA Davidson raised their target price on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. UBS Group lifted their price objective 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $83.50.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.19 during mid-day trading on Monday, reaching $83.90. The stock had a trading volume of 257,361 shares, compared to its average volume of 580,391. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm's 50 day simple moving average is $68.40 and its 200 day simple moving average is $58.41. Primoris Services Co. has a one year low of $30.88 and a one year high of $84.97. The firm has a market cap of $4.51 billion, a PE ratio of 27.72 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during 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%. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $1.02 earnings per share. On average, analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is presently 7.95%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the business's stock in a transaction on Thursday, September 12th. The stock was 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 in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,409 shares of company stock valued at $4,762,468. Company insiders own 1.40% of the company's stock.

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.