Primoris Services Co. (NASDAQ:PRIM) Shares Sold by MML Investors Services LLC

MML Investors Services LLC reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 8,338 shares of the construction company’s stock after selling 206 shares during the quarter. MML Investors Services LLC’s holdings in Primoris Services were worth $484,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PRIM. Blue Trust Inc. lifted its position in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after acquiring an additional 294 shares during the period. KBC Group NV boosted its position in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after acquiring an additional 399 shares during the last quarter. CWM LLC boosted its position in shares of Primoris Services by 37.5% during the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after acquiring an additional 411 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PRIM. UBS Group upped their target price 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. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. DA Davidson increased their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $86.00.

Primoris Services Price Performance

Shares of PRIM opened at $80.65 on Monday. 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 stock’s 50 day moving average is $75.00 and its two-hundred day moving average is $61.31. The firm has a market capitalization of $4.33 billion, a PE ratio of 26.71 and a beta of 1.12. Primoris Services Co. has a twelve month low of $30.94 and a twelve month high of $84.97.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.02 EPS. Research analysts anticipate that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio 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.