Primoris Services Co. (NASDAQ:PRIM) is A. D. Beadell Investment Counsel Inc.’s 2nd Largest Position

A. D. Beadell Investment Counsel Inc. reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 11.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,845 shares of the construction company’s stock after selling 9,985 shares during the quarter. Primoris Services accounts for approximately 4.9% of A. D. Beadell Investment Counsel Inc.’s holdings, making the stock its 2nd biggest holding. A. D. Beadell Investment Counsel Inc.’s holdings in Primoris Services were worth $6,023,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PRIM. Blue Trust Inc. grew its stake 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 valued at $53,000 after buying an additional 197 shares during the last quarter. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% in the 3rd 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 during the last quarter. Arizona State Retirement System grew its position in Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after acquiring an additional 294 shares during the last quarter. Virtue Capital Management LLC increased its stake in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the period. Finally, KBC Group NV lifted its position in shares of Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after purchasing an additional 399 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRIM. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday. They issued a “buy” rating and a $102.00 price target on the stock. JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus price target of $88.67.

Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction 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 the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. Insiders own 1.30% of the company’s stock.

Primoris Services Stock Down 2.5 %

Shares of PRIM stock traded down $1.98 during trading hours on Friday, reaching $76.95. 72,737 shares of the company’s stock were exchanged, compared to its average volume of 400,807. Primoris Services Co. has a fifty-two week low of $32.01 and a fifty-two week high of $84.97. The stock’s 50 day moving average is $79.59 and its 200-day moving average is $63.65. 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 company has a market cap of $4.13 billion, a price-to-earnings ratio of 25.48 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last announced its 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. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.02 EPS. Analysts predict that Primoris Services Co. will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Primoris Services 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.