Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Royce & Associates LP

Royce & Associates LP cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 11.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 266,338 shares of the construction company's stock after selling 34,632 shares during the period. Royce & Associates LP owned approximately 0.50% of Primoris Services worth $15,469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. boosted 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 during the last quarter. CWM LLC boosted its position in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock valued at $55,000 after buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services during the second quarter valued at about $70,000. Finally, Canton Hathaway LLC acquired a new position in shares of Primoris Services in the second quarter worth about $100,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $0.84 during trading on Friday, reaching $78.07. 637,931 shares of the company's stock traded hands, compared to its average volume of 584,348. The stock has a market capitalization of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.40. The company has a 50 day moving average of $62.82 and a 200-day moving average of $55.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results 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. The business 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 quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. On average, equities analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. This is a boost 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 yield of 0.41%. Primoris Services's dividend payout ratio is 7.95%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price for the company. Finally, DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a "buy" 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $83.50.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the business's stock in a transaction that occurred on 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 sale, the director now owns 162,281 shares of the company's stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were 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. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,409 shares of company stock worth $4,762,468. 1.40% of the stock is owned by company insiders.

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.