Eagle Asset Management Inc. Boosts Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Eagle Asset Management Inc. raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 196,977 shares of the construction company’s stock after purchasing an additional 4,365 shares during the quarter. Eagle Asset Management Inc. owned 0.37% of Primoris Services worth $11,440,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in shares of Primoris Services by 414.2% in the third 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 in the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% during 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 period. CWM LLC increased its holdings in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the second quarter valued at about $70,000. Finally, Canton Hathaway LLC purchased a new stake in Primoris Services during the second quarter worth about $100,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction dated 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 directly 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. In the last three months, insiders sold 75,409 shares of company stock valued at $4,762,468. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PRIM shares. The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $82.99 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 business’s fifty day moving average price is $65.78 and its two-hundred day moving average price is $57.10. The stock has a market cap of $4.46 billion, a PE ratio of 27.48 and a beta of 1.05. Primoris Services Co. has a one year low of $29.14 and a one year high of $83.81.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 EPS. On average, analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

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.