Oliver Luxxe Assets LLC Acquires 785 Shares of Primoris Services Co. (NASDAQ:PRIM)

Oliver Luxxe Assets LLC grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,447 shares of the construction company’s stock after buying an additional 785 shares during the quarter. Oliver Luxxe Assets LLC owned approximately 0.06% of Primoris Services worth $2,403,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Quest Partners LLC boosted its position in Primoris Services by 1,945.8% during the third 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. Benjamin Edwards Inc. raised its stake in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after purchasing an additional 6,487 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after buying an additional 23,200 shares during the last quarter. Morse Asset Management Inc grew its stake in shares of Primoris Services by 112.9% in the second quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock valued at $871,000 after buying an additional 9,255 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Primoris Services by 13.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock worth $4,859,000 after buying an additional 11,488 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction dated 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 owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PRIM has been the topic of several recent analyst reports. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group raised 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, JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $86.00.

Primoris Services Trading Up 0.5 %

NASDAQ PRIM traded up $0.43 during trading hours on Monday, reaching $80.03. The company’s stock had a trading volume of 223,006 shares, compared to its average volume of 359,835. Primoris Services Co. has a 52 week low of $31.06 and a 52 week high of $84.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $4.30 billion, a P/E ratio of 26.50 and a beta of 1.14. The firm has a fifty day simple moving average of $78.34 and a 200-day simple moving average of $63.08.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business 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 posted $1.02 earnings per share. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts forecast that Primoris Services Co. will post 3.47 earnings per share 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 given a $0.08 dividend. 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 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 10.60%.

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.