Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Benjamin Edwards Inc.

Benjamin Edwards Inc. grew its stake in Primoris Services Co. (NASDAQ:PRIM) by 40,543.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,503 shares of the construction company’s stock after purchasing an additional 6,487 shares during the period. Benjamin Edwards Inc.’s holdings in Primoris Services were worth $378,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Marshall Wace LLP acquired a new stake in Primoris Services in the second quarter valued at about $28,089,000. Summit Partners Public Asset Management LLC raised its stake in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP acquired a new position in Primoris Services during the second quarter worth $9,584,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,409 shares of company stock valued at $4,930,428 over the last quarter. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PRIM. DA Davidson raised their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on shares of 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 shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. Finally, UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $78.61 on Tuesday. 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 company has a market capitalization of $4.22 billion, a P/E ratio of 26.03 and a beta of 1.12. The firm has a 50-day moving average price of $71.36 and a two-hundred day moving average price of $59.70. Primoris Services Co. has a twelve month low of $30.94 and a twelve month high of $84.97.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the company posted $1.02 EPS. The company’s revenue was up 7.8% on a year-over-year basis. As a group, research analysts expect that Primoris Services Co. will post 3.45 earnings per share 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 $0.08 dividend. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio is currently 7.95%.

About Primoris Services

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.