Lord Abbett & CO. LLC Sells 763 Shares of Primoris Services Co. (NASDAQ:PRIM)

Lord Abbett & CO. LLC cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 266,805 shares of the construction company’s stock after selling 763 shares during the period. Lord Abbett & CO. LLC owned about 0.50% of Primoris Services worth $15,496,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings 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 acquiring an additional 584 shares in the last quarter. Blue Trust Inc. raised its position in 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 acquiring an additional 197 shares during the period. Millburn Ridgefield Corp purchased a new position in Primoris Services in the third quarter valued at about $59,000. CWM LLC boosted its stake in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now owns 137,281 shares in the company, valued at approximately $8,133,899.25. This trade represents a 15.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,018 shares of company stock worth $3,336,224 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Primoris Services Trading Down 0.4 %

Shares of PRIM opened at $79.40 on Monday. 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 firm has a market cap of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The firm has a 50 day moving average price of $73.06 and a 200-day moving average price of $60.40. Primoris Services Co. has a fifty-two week low of $30.94 and a fifty-two week high of $84.97.

Primoris Services (NASDAQ:PRIM) last posted its quarterly 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 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%. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. As a group, equities research analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 7.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PRIM shares. UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. The Goldman Sachs Group raised their price target 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. Finally, DA Davidson increased their price objective on 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. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $86.00.

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.