Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 80.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 839,853 shares of the construction company's stock after buying an additional 374,926 shares during the quarter. Primoris Services accounts for 1.5% of Summit Partners Public Asset Management LLC's holdings, making the stock its 15th largest holding. Summit Partners Public Asset Management LLC owned approximately 1.56% of Primoris Services worth $48,779,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Primoris Services by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company's stock valued at $6,984,000 after purchasing an additional 733 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Primoris Services by 33.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company's stock worth $946,000 after acquiring an additional 4,107 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Primoris Services during the third quarter worth $340,000. BNP Paribas Financial Markets raised its stake in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock valued at $14,343,000 after acquiring an additional 208,920 shares in the last quarter. Finally, Quantbot Technologies LP raised its stake in shares of Primoris Services by 196.6% in the third quarter. Quantbot Technologies LP now owns 15,872 shares of the construction company's stock valued at $922,000 after acquiring an additional 10,521 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly owns 61,390 shares of the company's stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the firm's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. 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. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Up 0.6 %

Shares of NASDAQ PRIM traded up $0.54 during midday trading on Friday, hitting $83.71. 253,074 shares of the company's stock were exchanged, compared to its average volume of 581,924. The firm's fifty day simple moving average is $67.91 and its 200-day simple moving average is $58.06. The company has a market cap of $4.50 billion, a PE ratio of 27.54 and a beta of 1.05. Primoris Services Co. has a twelve month low of $29.14 and a twelve month high of $84.97. 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 issued 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 business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. Research analysts predict that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change 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 dividend yield of 0.38%. Primoris Services's dividend payout ratio (DPR) is presently 7.95%.

Wall Street Analyst Weigh In

PRIM has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. initiated 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. UBS Group lifted their price target 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. Finally, DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $83.50.

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.