Primoris Services Co. (NASDAQ:PRIM) Holdings Decreased by Verition Fund Management LLC

Verition Fund Management LLC cut its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 18.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 680,824 shares of the construction company’s stock after selling 151,047 shares during the quarter. Verition Fund Management LLC owned 1.27% of Primoris Services worth $39,542,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. Blue Trust Inc. grew its holdings in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC grew its stake in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares during the last quarter. Arizona State Retirement System grew its stake in Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after buying an additional 294 shares during the last quarter. KBC Group NV increased its position in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after buying an additional 399 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Price Performance

NASDAQ PRIM opened at $83.17 on Friday. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $84.97. The firm has a market capitalization of $4.47 billion, a PE ratio of 27.54 and a beta of 1.05. The company’s 50 day simple moving average is $67.91 and its 200 day simple moving average is $58.06. 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 issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. As a group, equities research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. 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 0.38%. Primoris Services’s payout ratio is 7.95%.

Insider Buying and Selling at Primoris Services

In other news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were 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 owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 75,409 shares of company stock valued at $4,762,468. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PRIM. 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 target for the company. The Goldman Sachs Group upped 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. DA Davidson lifted 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 increased their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.