Charles Schwab Investment Management Inc. Buys 91,235 Shares of Primoris Services Co. (NASDAQ:PRIM)

Charles Schwab Investment Management Inc. raised its stake in Primoris Services Co. (NASDAQ:PRIM) by 17.7% during the third quarter, HoldingsChannel.com reports. The fund owned 607,010 shares of the construction company’s stock after purchasing an additional 91,235 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Primoris Services were worth $35,255,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Marshall Wace LLP bought a new position in shares of Primoris Services during the 2nd quarter valued at approximately $28,089,000. Victory Capital Management Inc. lifted its position 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 valued at $18,285,000 after purchasing an additional 327,412 shares during the last quarter. Decade Renewable Partners LP bought a new stake in shares of Primoris Services in the 2nd quarter worth about $9,584,000. Renaissance Technologies LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at about $6,366,000. Finally, Nicholas Investment Partners LP purchased a new stake in shares of Primoris Services during the 2nd quarter valued at about $5,489,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Down 0.5 %

Shares of NASDAQ PRIM opened at $83.26 on Tuesday. The business’s 50 day moving average price is $68.89 and its 200-day moving average price is $58.64. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 27.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a fifty-two week low of $30.88 and a fifty-two week high of $84.97.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during 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%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. On average, sell-side analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current 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 issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.38%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio is presently 7.95%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The stock was 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 owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the business’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 completion of the transaction, the director now owns 7,908 shares of the company’s stock, valued at $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. 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. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. Finally, UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $83.50.

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.