Sanctuary Advisors LLC Purchases New Position in Primoris Services Co. (NASDAQ:PRIM)

Sanctuary Advisors LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 6,163 shares of the construction company’s stock, valued at approximately $286,000.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC raised its stake in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in Primoris Services during the 2nd quarter valued at about $70,000. Canton Hathaway LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at about $100,000. Innealta Capital LLC bought a new stake in shares of Primoris Services in the second quarter worth approximately $108,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Primoris Services during the second quarter valued at approximately $119,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 1.5 %

Primoris Services stock opened at $63.25 on Friday. Primoris Services Co. has a 52-week low of $28.96 and a 52-week high of $63.85. The company has a market cap of $3.39 billion, a P/E ratio of 22.28 and a beta of 1.07. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The business has a 50-day simple moving average of $55.99 and a two-hundred day simple moving average of $52.30.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Analysts predict that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is 8.45%.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $1,351,250.00. Following the sale, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.30% of the stock is owned by company insiders.

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.