Primoris Services Co. (NASDAQ:PRIM) Stock Holdings Trimmed by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 59.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 179,130 shares of the construction company's stock after selling 263,611 shares during the quarter. Wellington Management Group LLP owned about 0.33% of Primoris Services worth $10,404,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Marshall Wace LLP purchased a new position in Primoris Services in the 2nd quarter worth approximately $28,089,000. Summit Partners Public Asset Management LLC boosted its stake 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 valued at $48,779,000 after purchasing an additional 374,926 shares during the period. Victory Capital Management Inc. grew its holdings in Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock valued at $18,285,000 after purchasing an additional 327,412 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock worth $14,343,000 after buying an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in Primoris Services during the 2nd quarter worth $9,584,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This trade represents a 15.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the business's stock in a transaction 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 directly owns 23,818 shares of the company's stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,018 shares of company stock valued at $3,336,224 over the last quarter. Insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. The Goldman Sachs Group raised their target price on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 price objective for the company. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. Finally, DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Buy" and a consensus price target of $86.00.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $2.46 during trading hours on Monday, reaching $81.86. 664,317 shares of the stock were exchanged, compared to its average volume of 581,844. The stock has a market capitalization of $4.40 billion, a P/E ratio of 27.11 and a beta of 1.12. The firm has a 50 day simple moving average of $73.48 and a 200-day simple moving average of $60.58. 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 Co. has a 52 week low of $30.94 and a 52 week high of $84.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the business posted $1.02 earnings per share. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid 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 of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.39%. Primoris Services's dividend payout ratio is 10.60%.

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.