Sanctuary Advisors LLC Sells 423 Shares of Primoris Services Co. (NASDAQ:PRIM)

Sanctuary Advisors LLC reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 6.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,740 shares of the construction company’s stock after selling 423 shares during the quarter. Sanctuary Advisors LLC’s holdings in Primoris Services were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC lifted its position in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. raised its holdings in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services in the 3rd quarter valued at approximately $59,000. TD Private Client Wealth LLC boosted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC increased its stake in Primoris Services by 37.5% in the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after buying an additional 411 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. 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. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $86.00.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This represents a 19.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is currently owned by company insiders.

Primoris Services Trading Down 4.2 %

NASDAQ:PRIM opened at $77.73 on Friday. Primoris Services Co. has a 52 week low of $30.94 and a 52 week high of $84.97. The company’s 50 day moving average price is $76.52 and its 200-day moving average price is $61.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 25.74 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last posted 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 firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. On average, equities research analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed 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 is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

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.