Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 6.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,740 shares of the construction company’s stock after selling 423 shares during the period. Sanctuary Advisors LLC’s holdings in Primoris Services were worth $333,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC grew its stake in Primoris Services by 414.2% during 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 period. Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in Primoris Services in the 3rd quarter valued at about $59,000. TD Private Client Wealth LLC grew its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Primoris Services by 37.5% during the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after buying an additional 411 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 over the last 90 days. 1.40% of the stock is owned by company insiders.

Primoris Services Trading Down 4.2 %

Shares of NASDAQ:PRIM opened at $77.73 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 25.74 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. The company has a 50 day moving average price of $76.52 and a 200 day moving average price of $61.97.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. On average, research analysts anticipate that Primoris Services Co. will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced 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. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group raised 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. Finally, KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $86.00.

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.