Bruni J V & Co. Co. Lowers Holdings in Primoris Services Co. (NASDAQ:PRIM)

Bruni J V & Co. Co. decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 575,914 shares of the construction company’s stock after selling 6,403 shares during the period. Primoris Services comprises approximately 3.7% of Bruni J V & Co. Co.’s holdings, making the stock its 10th largest holding. Bruni J V & Co. Co. owned 1.07% of Primoris Services worth $33,449,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PRIM. Blue Trust Inc. raised its stake 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 valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC raised its stake 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 buying an additional 220 shares in the last quarter. Arizona State Retirement System lifted 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 in the last quarter. Finally, EntryPoint Capital LLC boosted its position in shares of Primoris Services by 16.2% during the 1st quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock valued at $157,000 after acquiring an additional 513 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,409 shares of company stock worth $4,762,468. Insiders own 1.30% of the company’s stock.

Primoris Services Stock Performance

PRIM stock opened at $79.06 on Tuesday. The company has a 50 day moving average price of $63.43 and a 200 day moving average price of $56.27. Primoris Services Co. has a fifty-two week low of $29.14 and a fifty-two week high of $83.40. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $4.25 billion, a PE ratio of 21.81 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating 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 firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Analysts forecast that Primoris Services Co. will post 3.45 EPS 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 given a $0.08 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRIM. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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 on the stock. Finally, The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.50.

About Primoris Services

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.