Tabor Asset Management LP Decreases Position in Primoris Services Co. (NASDAQ:PRIM)

Tabor Asset Management LP decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 14.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 38,448 shares of the construction company's stock after selling 6,692 shares during the period. Tabor Asset Management LP owned about 0.07% of Primoris Services worth $2,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. boosted its position in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC boosted its position in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after purchasing an additional 220 shares in the last quarter. Millburn Ridgefield Corp bought a new position in Primoris Services in the 3rd quarter valued at approximately $59,000. Finally, FSC Wealth Advisors LLC bought a new position in Primoris Services in the 2nd quarter valued at approximately $70,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an "overweight" rating and a $71.00 price target on the stock. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $83.50.

Primoris Services Trading Down 0.9 %

NASDAQ PRIM traded down $0.72 during trading on Friday, hitting $82.27. The stock had a trading volume of 232,037 shares, compared to its average volume of 579,763. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 27.48 and a beta of 1.12. Primoris Services Co. has a one year low of $30.88 and a one year high of $84.97. The stock has a 50 day simple moving average of $70.46 and a 200 day simple moving average of $59.21.

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 (EPS) for the quarter, beating 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 net margin of 2.68% and a return on equity of 15.23%. Primoris Services's 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. Sell-side analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. Primoris Services's payout ratio is currently 7.95%.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Insiders have sold a total of 77,409 shares of company stock valued at $4,930,428 in the last ninety days. 1.40% of the stock is currently owned by corporate 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.