Quest Partners LLC Buys 15,450 Shares of Primoris Services Co. (NASDAQ:PRIM)

Quest Partners LLC increased its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1,945.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,244 shares of the construction company's stock after buying an additional 15,450 shares during the quarter. Quest Partners LLC's holdings in Primoris Services were worth $943,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PRIM. Nisa Investment Advisors LLC increased its position in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. grew its position in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC boosted its holdings in shares of Primoris Services by 25.1% in 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 in the last quarter. FSC Wealth Advisors LLC acquired a new stake in Primoris Services in the second quarter worth approximately $70,000. Finally, Canton Hathaway LLC bought a new position in Primoris Services during the 2nd quarter valued at $100,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Primoris Services stock traded up $2.47 during mid-day trading on Thursday, reaching $82.89. The company had a trading volume of 148,185 shares, compared to its average volume of 582,628. The company has a 50 day moving average of $64.62 and a 200-day moving average of $56.67. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.45. 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 has a market cap of $4.45 billion, a price-to-earnings ratio of 22.73 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. The company 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 for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 EPS. On average, sell-side analysts expect that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is currently 7.95%.

Insider Buying and Selling

In other news, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm'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 of the company's stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,409 shares of company stock worth $4,762,468 in the last quarter. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PRIM. UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. DA Davidson increased their target price on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Finally, 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 for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $83.50.

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.