Martingale Asset Management L P acquired a new stake in Primoris Services Co. (NASDAQ:PRIM – Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,027 shares of the construction company’s stock, valued at approximately $873,000.
Several other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Primoris Services by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock worth $2,953,000 after purchasing an additional 2,391 shares during the period. Janus Henderson Group PLC boosted its stake in Primoris Services by 185.7% in the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after buying an additional 42,112 shares in the last quarter. Jane Street Group LLC raised its stake in Primoris Services by 384.8% during the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after acquiring an additional 91,915 shares in the last quarter. Tidal Investments LLC raised its stake in Primoris Services by 240.0% during the first quarter. Tidal Investments LLC now owns 28,560 shares of the construction company’s stock worth $1,216,000 after acquiring an additional 20,160 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of 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 purchasing an additional 220 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of 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 shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and an average target price of $83.50.
Insider Activity
In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’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 transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. 1.40% of the stock is currently owned by insiders.
Primoris Services Price Performance
Shares of PRIM stock opened at $83.26 on Tuesday. Primoris Services Co. has a 1 year low of $30.88 and a 1 year high of $84.97. 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 $68.89 and its 200-day moving average is $58.64. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 27.57 and a beta of 1.05.
Primoris Services (NASDAQ:PRIM – Get Free Report) last posted 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. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.
Primoris Services Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services’s dividend payout ratio is presently 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.
Featured Articles
- Five stocks we like better than Primoris Services
- How to Know Which Cryptocurrency to Buy: A Guide for Investors
- How to Master Trading Discipline: Overcome Emotional Challenges
- How to Calculate Inflation Rate
- Trump Tax Reforms: 7 Stocks That Could Benefit in 2025
- Technology Stocks Explained: Here’s What to Know About Tech
- 3 Stocks Near 52-Week Lows: Why They Could Be Smart Buys Today
Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Co. (NASDAQ:PRIM – Free Report).
Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.