Thompson Davis & CO. Inc. Sells 150 Shares of Primoris Services Co. (NASDAQ:PRIM)

Thompson Davis & CO. Inc. lessened its holdings in Primoris Services Co. (NASDAQ:PRIM) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,975 shares of the construction company’s stock after selling 150 shares during the quarter. Primoris Services makes up 0.9% of Thompson Davis & CO. Inc.’s holdings, making the stock its 16th largest holding. Thompson Davis & CO. Inc.’s holdings in Primoris Services were worth $1,160,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Marshall Wace LLP bought a new stake in shares of Primoris Services during the second quarter valued at approximately $28,089,000. Boston Partners grew its position in shares of Primoris Services by 5.7% during the 1st quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after buying an additional 28,997 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after buying an additional 327,412 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Primoris Services by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock valued at $16,992,000 after buying an additional 18,361 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Primoris Services by 25.5% in the second quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company’s stock valued at $10,276,000 after acquiring an additional 41,797 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the sale, the director now owns 7,908 shares in the company, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.30% of the company’s stock.

Primoris Services Price Performance

NASDAQ PRIM opened at $81.38 on Wednesday. The firm’s fifty day simple moving average is $64.07 and its two-hundred day simple moving average is $56.51. The firm has a market capitalization of $4.37 billion, a P/E ratio of 26.95 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 Co. has a 12-month low of $29.14 and a 12-month high of $83.40.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business earned $1.02 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts forecast that Primoris Services Co. will post 3.45 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 paid 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 dividend on an annualized basis and a yield of 0.39%. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

Analyst Upgrades and Downgrades

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

Primoris Services 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.