Tidal Investments LLC Reduces Stake in Primoris Services Co. (NASDAQ:PRIM)

Tidal Investments LLC lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 26.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,349 shares of the construction company’s stock after selling 16,283 shares during the quarter. Tidal Investments LLC’s holdings in Primoris Services were worth $2,692,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TD Private Client Wealth LLC boosted its position in shares of Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the period. Virtue Capital Management LLC boosted its holdings in Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the period. Geode Capital Management LLC grew its position in shares of Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after purchasing an additional 15,070 shares in the last quarter. Vestcor Inc bought a new position in shares of Primoris Services in the third quarter worth $925,000. Finally, Barclays PLC raised its position in shares of Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after buying an additional 81,111 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Down 0.4 %

Shares of NASDAQ PRIM opened at $79.40 on Monday. The stock has a market capitalization of $4.26 billion, a P/E ratio of 26.29 and a beta of 1.12. Primoris Services Co. has a one year low of $30.94 and a one year high of $84.97. The firm’s 50 day simple moving average is $73.06 and its two-hundred day simple moving average is $60.40. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm earned $1.02 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts expect that Primoris Services Co. will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services’s dividend payout ratio is currently 7.95%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,018 shares of company stock worth $3,336,224 in the last ninety days. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. 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. KeyCorp began 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. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and an average target price of $86.00.

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.