Prudent Man Advisors LLC Invests $210,000 in Primoris Services Co. (NASDAQ:PRIM)

Prudent Man Advisors LLC bought a new stake in Primoris Services Co. (NASDAQ:PRIM) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,612 shares of the construction company’s stock, valued at approximately $210,000.

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. CWM LLC boosted its holdings in Primoris Services by 25.1% in the second 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 purchased a new position in Primoris Services in the second quarter valued at about $70,000. Finally, Canton Hathaway LLC purchased a new stake in Primoris Services during the 2nd quarter worth approximately $100,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 1.3 %

Shares of NASDAQ PRIM opened at $79.06 on Tuesday. Primoris Services Co. has a 12-month low of $29.14 and a 12-month high of $83.40. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 26.18 and a beta of 1.05. 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 stock’s 50 day simple moving average is $63.43 and its 200 day simple moving average is $56.27.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. started coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. DA Davidson increased 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. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group increased their price target 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’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 of the company’s stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the 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 $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

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.