TD Private Client Wealth LLC Acquires 230 Shares of Primoris Services Co. (NASDAQ:PRIM)

TD Private Client Wealth LLC lifted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 24.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,180 shares of the construction company’s stock after buying an additional 230 shares during the period. TD Private Client Wealth LLC’s holdings in Primoris Services were worth $69,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Virtue Capital Management LLC increased its holdings in shares of Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 worth $70,810,000 after purchasing an additional 15,070 shares during the period. Vestcor Inc purchased a new position in shares of Primoris Services during the 3rd quarter worth about $925,000. Barclays PLC boosted its stake in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after purchasing an additional 81,111 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Primoris Services by 70.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 16,578 shares of the construction company’s stock worth $963,000 after purchasing an additional 6,834 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Price Performance

Primoris Services stock opened at $79.40 on Monday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. 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 Co. has a 1 year low of $30.94 and a 1 year high of $84.97. The firm has a 50-day moving average of $73.06 and a two-hundred day moving average of $60.40.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS. On average, research analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

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

Analysts Set New Price Targets

PRIM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson lifted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus price target of $86.00.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 15.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,018 shares of company stock worth $3,336,224. 1.40% of the stock is currently owned by corporate insiders.

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.