HighTower Advisors LLC Cuts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

HighTower Advisors LLC reduced its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 22.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,049 shares of the construction company’s stock after selling 1,445 shares during the period. HighTower Advisors LLC’s holdings in Primoris Services were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PRIM. Nisa Investment Advisors LLC boosted its stake in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares during the last quarter. Blue Trust Inc. grew its stake 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 acquiring an additional 197 shares in the last quarter. CWM LLC lifted its position in Primoris Services by 37.5% during the third quarter. CWM LLC now owns 1,506 shares of the construction company’s stock worth $87,000 after buying an additional 411 shares in the last quarter. KBC Group NV grew 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 purchasing an additional 399 shares during the period. Finally, Innealta Capital LLC acquired a new position in Primoris Services in the second quarter valued at approximately $108,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the transaction, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PRIM shares. 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 target price for the company. The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. 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 research note on Wednesday, November 6th. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. Finally, UBS Group lifted their price objective on shares of 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, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $86.00.

Primoris Services Stock Performance

NASDAQ PRIM opened at $80.27 on Tuesday. The business has a 50 day moving average price of $75.38 and a 200 day moving average price of $61.51. 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 company has a market capitalization of $4.31 billion, a P/E ratio of 26.58 and a beta of 1.12. Primoris Services Co. has a 1-year low of $30.94 and a 1-year high of $84.97.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’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 earned $1.02 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed 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 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

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.