5,862 Shares in Primoris Services Co. (NASDAQ:PRIM) Bought by CreativeOne Wealth LLC

CreativeOne Wealth LLC purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 5,862 shares of the construction company’s stock, valued at approximately $340,000.

A number of other hedge funds have also recently modified their holdings of PRIM. Nisa Investment Advisors LLC raised its holdings in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. CWM LLC boosted its stake in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of Primoris Services during the second quarter valued at about $70,000. Finally, KBC Group NV raised its stake 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 in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Down 0.5 %

PRIM stock opened at $83.26 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average of $68.89 and a 200 day moving average of $58.64. Primoris Services Co. has a twelve month low of $30.88 and a twelve month high of $84.97. The firm has a market cap of $4.47 billion, a PE ratio of 27.57 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company 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 dividend of $0.08 per share. This is a boost 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 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services’s dividend payout ratio is presently 7.95%.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,409 shares of company stock valued at $4,762,468 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, UBS Group upped their target price 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Primoris Services presently 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.