Charles Schwab Investment Management Inc. Increases Holdings in Primoris Services Co. (NASDAQ:PRIM)

Charles Schwab Investment Management Inc. boosted its stake in Primoris Services Co. (NASDAQ:PRIM) by 17.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 607,010 shares of the construction company’s stock after purchasing an additional 91,235 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.13% of Primoris Services worth $35,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PRIM. Price T Rowe Associates Inc. MD grew its stake in Primoris Services by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock valued at $2,953,000 after acquiring an additional 2,391 shares in the last quarter. Janus Henderson Group PLC grew its position in Primoris Services by 185.7% during the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock worth $2,758,000 after buying an additional 42,112 shares in the last quarter. Jane Street Group LLC increased its stake in Primoris Services by 384.8% in the 1st quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after acquiring an additional 91,915 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Primoris Services by 240.0% in the 1st quarter. Tidal Investments LLC now owns 28,560 shares of the construction company’s stock valued at $1,216,000 after acquiring an additional 20,160 shares in the last quarter. Finally, 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 in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Down 0.5 %

Shares of Primoris Services stock opened at $83.26 on Tuesday. The company’s fifty day simple moving average is $68.89 and its two-hundred day simple moving average is $58.64. Primoris Services Co. has a 12-month low of $30.88 and a 12-month high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.47 billion, a P/E ratio of 27.57 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 earnings per share 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 business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm posted $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s 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 transaction, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on 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 completion of the sale, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,409 shares of company stock valued at $4,762,468. Corporate insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. 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. Finally, DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Company 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.