Victory Capital Management Inc. Sells 77,640 Shares of Primoris Services Co. (NASDAQ:PRIM)

Victory Capital Management Inc. decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 21.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 288,876 shares of the construction company's stock after selling 77,640 shares during the quarter. Victory Capital Management Inc. owned approximately 0.54% of Primoris Services worth $16,778,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. increased 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 acquiring an additional 197 shares in the last quarter. CWM LLC increased 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 acquiring an additional 220 shares in the last quarter. FSC Wealth Advisors LLC bought a new position in shares of Primoris Services in the 2nd quarter valued at about $70,000. Finally, Canton Hathaway LLC bought a new position in shares of Primoris Services in the 2nd quarter valued at about $100,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company's stock, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,409 shares of company stock valued at $4,762,468 over the last quarter. 1.30% of the stock is owned by company insiders.

Primoris Services Stock Performance

Shares of Primoris Services stock traded down $0.98 during trading on Wednesday, reaching $80.38. The company's stock had a trading volume of 515,381 shares, compared to its average volume of 584,586. The business's 50-day moving average price is $64.62 and its 200-day moving average price is $56.67. The firm has a market cap of $4.32 billion, a PE ratio of 26.62 and a beta of 1.05. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 earnings per share. Equities analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently disclosed 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. This is a boost from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services's dividend payout ratio is currently 7.95%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRIM. DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group lifted their price objective 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 research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company 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.