Foundry Partners LLC Sells 22,443 Shares of Primoris Services Co. (NASDAQ:PRIM)

Foundry Partners LLC lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 22.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,358 shares of the construction company’s stock after selling 22,443 shares during the period. Foundry Partners LLC’s holdings in Primoris Services were worth $4,435,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Intech Investment Management LLC purchased a new position in shares of Primoris Services in the 3rd quarter worth $913,000. Advisors Asset Management Inc. lifted its position in Primoris Services by 2.8% during the third quarter. Advisors Asset Management Inc. now owns 91,162 shares of the construction company’s stock valued at $5,295,000 after purchasing an additional 2,510 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Primoris Services by 150.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,293 shares of the construction company’s stock valued at $1,817,000 after purchasing an additional 18,823 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in Primoris Services during the third quarter valued at $464,000. Finally, Quest Partners LLC lifted its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. DA Davidson raised their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Trading Up 3.8 %

PRIM opened at $83.45 on Friday. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.81. The stock has a 50-day moving average of $64.62 and a 200 day moving average of $56.67. The firm has a market cap of $4.48 billion, a P/E ratio of 27.63 and a beta of 1.05. 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 announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during 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 quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. As a group, research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company 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 $0.08 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services’s payout ratio is presently 10.60%.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, 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 sold 75,409 shares of company stock valued at $4,762,468 over 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.