Creative Planning Invests $424,000 in Primoris Services Co. (NASDAQ:PRIM)

Creative Planning purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, Holdings Channel reports. The firm purchased 7,301 shares of the construction company’s stock, valued at approximately $424,000.

Several other institutional investors also recently modified their holdings of the stock. CWM LLC increased its holdings 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 purchasing an additional 220 shares during the period. Arizona State Retirement System increased its holdings in Primoris Services by 2.0% in the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after purchasing an additional 294 shares during the period. EntryPoint Capital LLC increased its holdings in Primoris Services by 16.2% in the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock valued at $157,000 after purchasing an additional 513 shares during the period. ProShare Advisors LLC increased its holdings in Primoris Services by 8.5% in the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock valued at $406,000 after purchasing an additional 751 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Primoris Services by 9.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,189 shares of the construction company’s stock valued at $608,000 after purchasing an additional 1,036 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other news, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the transaction, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were 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. Insiders have sold 54,391 shares of company stock valued at $3,075,454 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on PRIM shares. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday. UBS Group increased their price target on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. initiated coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. Finally, DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Primoris Services Price Performance

PRIM stock opened at $77.08 on Thursday. The stock has a market capitalization of $4.14 billion, a PE ratio of 25.52 and a beta of 1.05. The company’s 50-day moving average is $59.03 and its 200-day moving average is $54.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services Co. has a 1 year low of $29.14 and a 1 year high of $78.53.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. Equities research analysts expect that Primoris Services Co. will post 3.33 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. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

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.