Barclays PLC Buys 81,111 Shares of Primoris Services Co. (NASDAQ:PRIM)

Barclays PLC lifted its stake in Primoris Services Co. (NASDAQ:PRIM) by 245.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,116 shares of the construction company’s stock after buying an additional 81,111 shares during the period. Barclays PLC owned about 0.21% of Primoris Services worth $6,628,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Nisa Investment Advisors LLC raised its stake in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. grew its holdings 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 worth $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC increased its position in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares in the last quarter. Millburn Ridgefield Corp bought a new position in Primoris Services during the 3rd quarter valued at about $59,000. Finally, KBC Group NV boosted its position in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PRIM shares. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. 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. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. started coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. Finally, DA Davidson upped their price target 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. 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. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $86.00.

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 value of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 in the last three months. Insiders own 1.40% of the company’s stock.

Primoris Services Trading Down 3.7 %

Shares of PRIM opened at $77.88 on Thursday. The stock’s fifty day simple moving average is $73.89 and its 200-day simple moving average is $60.76. The firm has a market capitalization of $4.18 billion, a PE ratio of 25.79 and a beta of 1.12. Primoris Services Co. has a 12-month low of $30.94 and a 12-month high of $84.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $1.02 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts predict that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 10.60%.

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.