PFG Investments LLC Sells 220 Shares of Primoris Services Co. (NASDAQ:PRIM)

PFG Investments LLC decreased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 3.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,598 shares of the construction company’s stock after selling 220 shares during the quarter. PFG Investments LLC’s holdings in Primoris Services were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. USA Financial Formulas acquired a new stake in Primoris Services in the fourth quarter worth $27,000. Nisa Investment Advisors LLC boosted its position in shares of 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 purchasing an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the period. Millburn Ridgefield Corp bought a new stake in Primoris Services in the 3rd quarter valued at about $59,000. Finally, TD Private Client Wealth LLC raised its stake in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares during the period. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday. DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $91.50.

Primoris Services Stock Up 3.4 %

Primoris Services stock opened at $77.14 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $4.14 billion, a PE ratio of 25.54 and a beta of 1.14. Primoris Services Co. has a fifty-two week low of $32.63 and a fifty-two week high of $90.86. The firm’s 50-day simple moving average is $80.75 and its 200 day simple moving average is $66.93.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the business posted $1.02 earnings per share. Primoris Services’s revenue was up 7.8% on a year-over-year basis. Research analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.41%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is presently 10.60%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.40% of the company’s stock.

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.