DRW Securities LLC Sells 5,150 Shares of Primoris Services Co. (NASDAQ:PRIM)

DRW Securities LLC reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 17.1% during the third quarter, HoldingsChannel reports. The firm owned 25,000 shares of the construction company’s stock after selling 5,150 shares during the period. DRW Securities LLC’s holdings in Primoris Services were worth $1,452,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Marshall Wace LLP bought a new position in Primoris Services during the second quarter worth $28,089,000. Victory Capital Management Inc. boosted its stake in Primoris Services by 837.3% during 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. Decade Renewable Partners LP bought a new position in Primoris Services during the second quarter worth $9,584,000. Renaissance Technologies LLC bought a new position in Primoris Services during the second quarter worth $6,366,000. Finally, Nicholas Investment Partners LP bought a new position in Primoris Services during the second quarter worth $5,489,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of PRIM stock opened at $83.98 on Tuesday. The firm has a 50-day moving average of $65.78 and a 200-day moving average of $57.23. The company has a market cap of $4.51 billion, a P/E ratio of 27.81 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a one year low of $29.14 and a one year high of $84.97.

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

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PRIM. The Goldman Sachs Group raised their price objective 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. UBS Group raised their price objective 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. 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 objective on the stock. Finally, DA Davidson raised their price objective 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.50.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 sale, the director now owns 7,908 shares of the company’s stock, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.30% of the company’s stock.

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.