Dynamic Technology Lab Private Ltd Sells 46,983 Shares of Primoris Services Co. (NASDAQ:PRIM)

Dynamic Technology Lab Private Ltd trimmed its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 84.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 8,361 shares of the construction company’s stock after selling 46,983 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Primoris Services were worth $486,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC grew its position 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 acquiring an additional 584 shares during the last quarter. Blue Trust Inc. grew its position 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 acquiring an additional 197 shares during the last quarter. CWM LLC grew its position 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 acquiring an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in Primoris Services during the 2nd quarter worth approximately $70,000. Finally, Canton Hathaway LLC bought a new position in Primoris Services during the 2nd quarter worth approximately $100,000. 91.82% of the stock is currently owned by institutional investors.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Insiders sold a total of 75,409 shares of company stock valued at $4,762,468 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 0.6 %

PRIM opened at $83.71 on Friday. The stock has a market cap of $4.50 billion, a PE ratio of 27.54 and a beta of 1.05. 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 business has a 50 day moving average of $67.91 and a 200-day moving average of $58.06. Primoris Services Co. has a 52 week low of $29.14 and a 52 week 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, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 EPS. Equities research analysts predict that Primoris Services Co. will post 3.45 earnings per share 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 paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PRIM shares. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. Finally, DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $83.50.

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.