Royce & Associates LP Has $15.47 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Royce & Associates LP decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 11.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 266,338 shares of the construction company’s stock after selling 34,632 shares during the quarter. Royce & Associates LP’s holdings in Primoris Services were worth $15,469,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its holdings in Primoris Services by 414.2% during 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 holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. CWM LLC lifted its holdings in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the 2nd quarter worth $70,000. Finally, Canton Hathaway LLC acquired a new position in Primoris Services during the 2nd quarter worth $100,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. DA Davidson upped their target price 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. UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. Finally, The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Primoris Services Price Performance

PRIM opened at $78.07 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.40. The company has a fifty day simple moving average of $62.82 and a 200 day simple moving average of $55.91. The stock has a market cap of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is currently 7.95%.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction dated 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 transaction, the director now owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,409 shares of company stock worth $4,762,468 in the last quarter. Corporate 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.