Wellington Management Group LLP Sells 263,611 Shares of Primoris Services Co. (NASDAQ:PRIM)

Wellington Management Group LLP decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 59.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 179,130 shares of the construction company’s stock after selling 263,611 shares during the quarter. Wellington Management Group LLP owned 0.33% of Primoris Services worth $10,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of PRIM. Summit Partners Public Asset Management LLC grew its position in shares of Primoris Services by 80.6% in 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the period. Marshall Wace LLP bought a new stake in shares of Primoris Services during the 2nd quarter valued at about $28,089,000. Victory Capital Management Inc. increased its position in shares of 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 buying an additional 327,412 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Primoris Services by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after buying an additional 18,361 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the 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 in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred on 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 sale, the director now owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,018 shares of company stock worth $3,336,224 over the last quarter. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. Finally, UBS Group increased their price target 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, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $86.00.

Primoris Services Trading Down 0.4 %

Primoris Services stock opened at $79.40 on Monday. Primoris Services Co. has a 12 month low of $30.94 and a 12 month high of $84.97. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The business’s fifty day simple moving average is $73.06 and its two-hundred day simple moving average is $60.40. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $1.02 EPS. As a group, equities analysts predict that Primoris Services Co. will post 3.47 earnings per share for the current fiscal 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 $0.08 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Primoris Services 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.