Algert Global LLC Purchases 18,239 Shares of Primoris Services Co. (NASDAQ:PRIM)

Algert Global LLC raised its position in Primoris Services Co. (NASDAQ:PRIM) by 10.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 189,685 shares of the construction company’s stock after acquiring an additional 18,239 shares during the period. Algert Global LLC owned about 0.35% of Primoris Services worth $11,017,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its holdings in Primoris Services by 26.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after purchasing an additional 3,940 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Primoris Services by 8.4% during the 1st quarter. Advisors Asset Management Inc. now owns 82,745 shares of the construction company’s stock worth $3,522,000 after buying an additional 6,437 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Primoris Services by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock worth $2,953,000 after buying an additional 2,391 shares during the last quarter. Morse Asset Management Inc bought a new position in shares of Primoris Services in the 1st quarter valued at about $349,000. Finally, Janus Henderson Group PLC increased its position in shares of Primoris Services by 185.7% in the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after acquiring an additional 42,112 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent research reports. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson upped their price target 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. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Down 0.3 %

PRIM opened at $83.02 on Friday. The stock’s fifty day simple moving average is $65.21 and its 200 day simple moving average is $56.86. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.81. The stock has a market cap of $4.46 billion, a PE ratio of 23.26 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 posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the company posted $1.02 EPS. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, research analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

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

Insider Buying and Selling

In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

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.