Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Yaupon Capital Management LP

Yaupon Capital Management LP grew its position in Primoris Services Co. (NASDAQ:PRIM) by 28.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 699,817 shares of the construction company’s stock after purchasing an additional 154,627 shares during the period. Primoris Services comprises approximately 2.2% of Yaupon Capital Management LP’s holdings, making the stock its 10th biggest holding. Yaupon Capital Management LP owned about 1.30% of Primoris Services worth $40,645,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PRIM. Blue Trust Inc. increased its holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC grew its holdings in shares of Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Primoris Services by 2.0% in the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after buying an additional 294 shares in the last quarter. KBC Group NV raised its holdings in shares of Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PRIM. JPMorgan Chase & Co. began 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. DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the company 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 assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Trading Down 0.4 %

PRIM opened at $82.65 on Friday. The firm has a 50 day simple moving average of $70.95 and a 200 day simple moving average of $59.43. Primoris Services Co. has a fifty-two week low of $30.88 and a fifty-two week high of $84.97. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 23.72 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 (NASDAQ:PRIM) last issued its earnings results 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 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 in the previous year, the company posted $1.02 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

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

Insider Transactions at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,409 shares of company stock worth $4,930,428. 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.