Versor Investments LP Grows Holdings in Primoris Services Co. (NASDAQ:PRIM)

Versor Investments LP raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 116.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,100 shares of the construction company's stock after purchasing an additional 6,500 shares during the period. Versor Investments LP's holdings in Primoris Services were worth $703,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PRIM. Marshall Wace LLP acquired a new position in shares of Primoris Services in the 2nd quarter valued at $28,089,000. Victory Capital Management Inc. raised its position in Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock worth $18,285,000 after purchasing an additional 327,412 shares in the last quarter. Decade Renewable Partners LP acquired a new stake in Primoris Services during the second quarter valued at approximately $9,584,000. Renaissance Technologies LLC acquired a new stake in Primoris Services during the second quarter valued at approximately $6,366,000. Finally, Nicholas Investment Partners LP bought a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $5,489,000. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent analyst reports. DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised 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. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. Finally, UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $83.50.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction dated 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. This trade represents a 13.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 in the company, valued at $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. Insiders sold a total of 56,391 shares of company stock valued at $3,227,734 in the last 90 days. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

NASDAQ PRIM traded down $0.29 on Thursday, hitting $78.91. 542,386 shares of the stock were exchanged, compared to its average volume of 584,106. The business's fifty day moving average is $62.23 and its 200 day moving average is $55.69. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The company has a market capitalization of $4.24 billion, a PE ratio of 26.13 and a beta of 1.05. 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 earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 EPS. Research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. 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. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services's dividend payout ratio is 7.95%.

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.