Citigroup Inc. Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Citigroup Inc. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 268.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 76,058 shares of the construction company’s stock after buying an additional 55,434 shares during the quarter. Citigroup Inc. owned 0.14% of Primoris Services worth $4,417,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PRIM. Charles Schwab Investment Management Inc. increased its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Primoris Services in the 2nd quarter worth approximately $28,089,000. Victory Capital Management Inc. grew its position in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Primoris Services by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after acquiring an additional 18,361 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in Primoris Services by 25.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company’s stock valued at $10,276,000 after purchasing an additional 41,797 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PRIM shares. The Goldman Sachs Group lifted their target price on 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 Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, DA Davidson upped 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 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, the stock has an average rating of “Moderate Buy” and an average target price of $83.50.

Insider Activity at Primoris Services

In related news, 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. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now owns 7,908 shares of the company’s stock, valued at $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. 1.30% of the stock is owned by insiders.

Primoris Services Stock Up 0.4 %

NASDAQ:PRIM opened at $83.59 on Wednesday. Primoris Services Co. has a 12-month low of $30.88 and a 12-month high of $84.97. 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 firm has a market capitalization of $4.49 billion, a P/E ratio of 27.68 and a beta of 1.12. The stock’s fifty day simple moving average is $69.41 and its 200-day simple moving average is $58.86.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 15.23% and a net margin of 2.68%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. Equities research analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is 7.95%.

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.