Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Appian Way Asset Management LP

Appian Way Asset Management LP raised its stake in Primoris Services Co. (NASDAQ:PRIM) by 49.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 107,431 shares of the construction company’s stock after buying an additional 35,367 shares during the period. Primoris Services accounts for approximately 1.4% of Appian Way Asset Management LP’s investment portfolio, making the stock its 19th largest position. Appian Way Asset Management LP’s holdings in Primoris Services were worth $6,240,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of PRIM. Janus Henderson Group PLC raised its position in shares of Primoris Services by 185.7% during the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after buying an additional 42,112 shares during the period. Quest Partners LLC increased its holdings in Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Primoris Services by 74.6% in the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after purchasing an additional 23,200 shares during the period. Boston Partners boosted its position in shares of Primoris Services by 5.7% during the first 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 during the period. Finally, Jane Street Group LLC grew its stake in shares of Primoris Services by 384.8% in the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock valued at $4,930,000 after buying an additional 91,915 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, UBS Group raised their price objective on shares of 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 issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Trading Up 0.6 %

NASDAQ PRIM opened at $83.71 on Friday. The firm’s fifty day moving average is $67.91 and its two-hundred day moving average is $58.06. Primoris Services Co. has a one year low of $29.14 and a one year high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $4.50 billion, a PE ratio of 27.72 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data 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 return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $1.02 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. 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 issued a $0.08 dividend. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. Primoris Services’s payout ratio is presently 7.95%.

Insider Transactions at Primoris Services

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

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.