Eagle Asset Management Inc. Boosts Stake in Primoris Services Co. (NASDAQ:PRIM)

Eagle Asset Management Inc. grew its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 196,977 shares of the construction company’s stock after acquiring an additional 4,365 shares during the quarter. Eagle Asset Management Inc.’s holdings in Primoris Services were worth $11,440,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PRIM. Nisa Investment Advisors LLC increased its position in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares during the period. CWM LLC increased its position in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after acquiring an additional 220 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of Primoris Services in the 2nd quarter valued at $70,000. Finally, KBC Group NV lifted its holdings in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after acquiring an additional 399 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $82.99 on Friday. The firm has a 50-day moving average of $65.78 and a two-hundred day moving average of $57.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $4.46 billion, a P/E ratio of 27.48 and a beta of 1.05. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.81.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data 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 company had revenue of $1.65 billion for the quarter, compared to the consensus estimate 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 in the previous year, the business earned $1.02 EPS. On average, research analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.39%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares of the company’s stock, valued at $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent research reports. The Goldman Sachs Group increased 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 increased their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. 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 price target on the stock. Finally, UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

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.