AMI Asset Management Corp Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,702 shares of the construction company’s stock, valued at approximately $738,000.

Several other institutional investors have also added to or reduced their stakes in PRIM. Blue Trust Inc. increased its stake in shares of Primoris Services by 27.3% in 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 in the last quarter. CWM LLC grew its stake in shares of Primoris Services by 25.1% during the 2nd 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 period. Arizona State Retirement System increased its holdings in Primoris Services by 2.0% in 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 in the last quarter. EntryPoint Capital LLC raised its stake in Primoris Services by 16.2% during the 1st quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock worth $157,000 after acquiring an additional 513 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position 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 worth $42,000 after purchasing an additional 584 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on PRIM shares. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. UBS Group raised their price target on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $61.00.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,391 shares of company stock valued at $3,075,454. Insiders own 1.30% of the company’s stock.

Primoris Services Price Performance

PRIM stock opened at $63.31 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The company’s fifty day moving average price is $57.46 and its 200-day moving average price is $53.38. Primoris Services Co. has a one year low of $28.96 and a one year high of $63.85. The company has a market capitalization of $3.40 billion, a PE ratio of 22.29 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. On average, equities analysts anticipate that Primoris Services Co. will post 3.33 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services’s payout ratio is 8.45%.

Primoris Services 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.