Los Angeles Capital Management LLC Sells 210 Shares of Primoris Services Co. (NASDAQ:PRIM)

Los Angeles Capital Management LLC lessened its position in Primoris Services Co. (NASDAQ:PRIMFree Report) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,919 shares of the construction company’s stock after selling 210 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Primoris Services were worth $228,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Marshall Wace LLP bought a new stake in Primoris Services in the second quarter worth about $28,089,000. Victory Capital Management Inc. raised its holdings in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after buying an additional 327,412 shares during the period. Decade Renewable Partners LP bought a new stake in shares of Primoris Services during the 2nd quarter worth approximately $9,584,000. Renaissance Technologies LLC purchased a new position in Primoris Services during the 2nd quarter valued at $6,366,000. Finally, Nicholas Investment Partners LP bought a new position in Primoris Services in the 2nd quarter valued at $5,489,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the business’s 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock worth $4,762,468 over the last quarter. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 1.3 %

NASDAQ:PRIM opened at $79.06 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $4.25 billion, a PE ratio of 26.18 and a beta of 1.05. The company has a 50-day moving average of $63.43 and a 200 day moving average of $56.27. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40.

Primoris Services (NASDAQ:PRIMGet Free Report) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $1.02 earnings per share. As a group, research analysts anticipate 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 paid a dividend of $0.08 per share. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio is 10.60%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRIM. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, DA Davidson lifted 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.50.

Read Our Latest Stock Analysis on Primoris Services

Primoris Services Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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