Oliver Luxxe Assets LLC Acquires 785 Shares of Primoris Services Co. (NASDAQ:PRIM)

Oliver Luxxe Assets LLC boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,447 shares of the construction company’s stock after buying an additional 785 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Primoris Services were worth $2,403,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PRIM. Blue Trust Inc. increased its holdings in shares of 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. TD Private Client Wealth LLC boosted its position in shares of 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 valued at $69,000 after acquiring an additional 230 shares during the last quarter. Arizona State Retirement System increased its position in shares of Primoris Services by 2.0% in the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after purchasing an additional 294 shares during the last quarter. Virtue Capital Management LLC raised its stake in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares in the last quarter. Finally, KBC Group NV lifted its position in Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PRIM shares. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. UBS Group increased 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. Finally, DA Davidson lifted 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. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services has a consensus rating of “Buy” and an average price target of $86.00.

Primoris Services Stock Up 0.5 %

Shares of Primoris Services stock traded up $0.43 during midday trading on Monday, hitting $80.03. The company had a trading volume of 223,006 shares, compared to its average volume of 359,835. The company has a 50 day moving average of $78.34 and a 200 day moving average of $63.08. The stock has a market capitalization of $4.30 billion, a P/E ratio of 26.50 and a beta of 1.14. Primoris Services Co. has a 52-week low of $31.06 and a 52-week high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during 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%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. On average, 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 declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. 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 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 transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is owned by corporate insiders.

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.