Principal Financial Group Inc. Boosts Stake in Primoris Services Co. (NASDAQ:PRIM)

Principal Financial Group Inc. lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 45.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 50,620 shares of the construction company’s stock after purchasing an additional 15,710 shares during the period. Principal Financial Group Inc. owned about 0.09% of Primoris Services worth $2,940,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of 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 during the last quarter. CWM LLC grew its holdings 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 during the last quarter. FSC Wealth Advisors LLC bought a new position in shares of Primoris Services during the 2nd quarter valued at $70,000. Finally, Canton Hathaway LLC bought a new position in shares of Primoris Services during the 2nd quarter valued at $100,000. Institutional investors own 91.82% of the company’s stock.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,409 shares of company stock valued at $4,762,468. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $83.02 on Friday. The firm has a market cap of $4.46 billion, a PE ratio of 27.30 and a beta of 1.05. Primoris Services Co. has a 12-month low of $29.14 and a 12-month high of $83.81. 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 company’s fifty day simple moving average is $65.21 and its two-hundred day simple moving average is $56.86.

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, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 EPS. As a group, equities analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.39%. Primoris Services’s payout ratio is presently 10.60%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PRIM shares. DA Davidson increased their target price 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 raised their price target 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. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. Finally, The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Primoris Services presently has an average 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.