Tieton Capital Management LLC Sells 69,465 Shares of Primoris Services Co. (NASDAQ:PRIM)

Tieton Capital Management LLC trimmed its position in Primoris Services Co. (NASDAQ:PRIM) by 53.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 60,980 shares of the construction company’s stock after selling 69,465 shares during the period. Primoris Services comprises 1.8% of Tieton Capital Management LLC’s investment portfolio, making the stock its 25th biggest position. Tieton Capital Management LLC’s holdings in Primoris Services were worth $3,542,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. boosted its stake in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares during the last quarter. CWM LLC boosted its stake in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the last quarter. FSC Wealth Advisors LLC purchased a new position in Primoris Services in the second quarter valued at about $70,000. Finally, Canton Hathaway LLC purchased a new position in Primoris Services in the second quarter valued at about $100,000. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of research analyst reports. UBS Group boosted 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. 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 research note on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock worth $4,762,468 in the last three months. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Stock Performance

Shares of PRIM stock opened at $83.02 on Friday. The stock has a market capitalization of $4.46 billion, a P/E ratio of 23.26 and a beta of 1.05. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average is $65.21 and its 200 day moving average is $56.86. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.81.

Primoris Services (NASDAQ:PRIM) 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 net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company posted $1.02 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.39%. Primoris Services’s dividend payout ratio is currently 7.95%.

Primoris Services 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.