Vestcor Inc Acquires New Shares in Primoris Services Co. (NASDAQ:PRIM)

Vestcor Inc bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 15,925 shares of the construction company's stock, valued at approximately $925,000.

Several other large investors have also recently bought and sold shares of the company. Summit Partners Public Asset Management LLC increased its position in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP increased its holdings in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after buying an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after buying an additional 91,235 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $28,089,000. Finally, Victory Capital Management Inc. grew 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 acquiring an additional 327,412 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Trading Down 0.4 %

Shares of NASDAQ PRIM traded down $0.35 during mid-day trading on Friday, hitting $79.40. The stock had a trading volume of 301,206 shares, compared to its average volume of 581,502. The firm has a market cap of $4.26 billion, a P/E ratio of 26.29 and a beta of 1.12. Primoris Services Co. has a 1 year low of $30.94 and a 1 year high of $84.97. 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 business has a 50 day moving average price of $73.06 and a two-hundred day moving average price of $60.32.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the firm earned $1.02 earnings per share. Primoris Services's quarterly revenue was up 7.8% on a year-over-year basis. On average, equities 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. Investors of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is 7.95%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PRIM shares. JPMorgan Chase & Co. started coverage on Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 price target for the company. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday. They issued an "overweight" rating and a $96.00 target price for the company. DA Davidson increased their price target 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. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $86.00.

Insider Buying and Selling at Primoris Services

In other Primoris Services 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 sale, the chief executive officer now owns 61,390 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company's stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,018 shares of company stock valued at $3,336,224. 1.40% of the stock is currently owned by company insiders.

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.