PFW Advisors LLC Acquires New Position in Primoris Services Co. (NASDAQ:PRIM)

PFW Advisors LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,211 shares of the construction company’s stock, valued at approximately $245,000.

A number of other institutional investors also recently modified their holdings of the stock. Quest Partners LLC boosted its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after purchasing an additional 6,487 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after purchasing an additional 23,200 shares during the last quarter. Morse Asset Management Inc boosted its holdings in Primoris Services by 112.9% in the second quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock worth $871,000 after purchasing an additional 9,255 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in Primoris Services by 13.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock worth $4,859,000 after buying an additional 11,488 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

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 Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, UBS Group raised their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $88.67.

Primoris Services Stock Performance

Shares of PRIM traded up $1.55 during mid-day trading on Monday, hitting $79.09. The company’s stock had a trading volume of 465,907 shares, compared to its average volume of 472,728. The stock’s 50-day moving average is $79.87 and its two-hundred day moving average is $63.99. The firm has a market capitalization of $4.25 billion, a PE ratio of 26.19 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a one year low of $32.13 and a one year high of $84.97.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Primoris Services Co. will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is currently 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.