USA Financial Formulas Makes New $27,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

USA Financial Formulas acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 347 shares of the construction company’s stock, valued at approximately $27,000.

Other large investors have also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D bought a new position in Primoris Services during the second quarter valued at about $1,708,000. American Century Companies Inc. grew its position in shares of Primoris Services by 33.0% during the 2nd quarter. American Century Companies Inc. now owns 129,472 shares of the construction company’s stock valued at $6,459,000 after acquiring an additional 32,096 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Primoris Services during the 2nd quarter worth approximately $6,366,000. Mercer Global Advisors Inc. ADV raised its holdings in shares of Primoris Services by 13.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock worth $4,859,000 after purchasing an additional 11,488 shares during the period. Finally, Inspire Investing LLC lifted its stake in Primoris Services by 23.7% in the second quarter. Inspire Investing LLC now owns 21,572 shares of the construction company’s stock valued at $1,076,000 after purchasing an additional 4,139 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRIM. 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. Guggenheim started coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $88.67.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction dated 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 represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,018 shares of company stock valued at $1,854,974. 1.30% of the stock is owned by corporate insiders.

Primoris Services Price Performance

PRIM stock opened at $85.02 on Friday. The firm has a 50 day moving average of $80.61 and a 200-day moving average of $64.94. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $4.57 billion, a P/E ratio of 28.15 and a beta of 1.14. Primoris Services Co. has a 12 month low of $32.13 and a 12 month high of $86.20.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business earned $1.02 EPS. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

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.