PFW Advisors LLC Purchases Shares of 3,211 Primoris Services Co. (NASDAQ:PRIM)

PFW Advisors LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, Holdings Channel.com reports. The fund acquired 3,211 shares of the construction company’s stock, valued at approximately $245,000.

Several other hedge funds also recently modified their holdings of PRIM. Marshall Wace LLP acquired a new stake in Primoris Services in the 2nd quarter valued at about $28,089,000. Summit Partners Public Asset Management LLC grew its stake in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after purchasing an additional 208,920 shares in the last quarter. Decade Renewable Partners LP bought a new position in Primoris Services in the 2nd quarter worth approximately $9,584,000. Finally, Yaupon Capital Management LP lifted its holdings in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PRIM shares. The Goldman Sachs Group lifted their target price on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. UBS Group boosted their price target 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. Finally, JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $88.67.

Primoris Services Trading Up 2.0 %

Shares of NASDAQ:PRIM traded up $1.55 during mid-day trading on Monday, reaching $79.09. The stock had a trading volume of 465,907 shares, compared to its average volume of 472,728. The firm has a 50 day simple moving average of $79.87 and a two-hundred day simple moving average of $63.99. Primoris Services Co. has a twelve month low of $32.13 and a twelve month high of $84.97. The firm has a market cap of $4.25 billion, a PE ratio of 26.19 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates 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 last year, the business posted $1.02 earnings per share. On average, research analysts predict that Primoris Services Co. will post 3.47 EPS 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 given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is currently 10.60%.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the firm’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 in the company, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

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.