Summit Partners Public Asset Management LLC Purchases 374,926 Shares of Primoris Services Co. (NASDAQ:PRIM)

Summit Partners Public Asset Management LLC boosted its position in Primoris Services Co. (NASDAQ:PRIM) by 80.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 839,853 shares of the construction company’s stock after buying an additional 374,926 shares during the quarter. Primoris Services makes up approximately 1.5% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 15th biggest position. Summit Partners Public Asset Management LLC’s holdings in Primoris Services were worth $48,779,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after acquiring an additional 91,235 shares during the last quarter. Marshall Wace LLP purchased a new position in Primoris Services in the 2nd quarter worth approximately $28,089,000. Boston Partners lifted its position in Primoris Services by 5.7% in the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after purchasing an additional 28,997 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after purchasing an additional 327,412 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Primoris Services by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Trading Down 0.6 %

NASDAQ:PRIM opened at $83.17 on Friday. The company has a 50-day moving average price of $67.43 and a 200-day moving average price of $57.89. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 23.23 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. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $84.97.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping 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 business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the business posted $1.02 earnings per share. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities analysts predict 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. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. Primoris Services’s payout ratio is currently 7.95%.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’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 transaction of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock valued at $4,762,468 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

PRIM has been the subject of a number of recent analyst reports. DA Davidson upped their price target 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. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. Finally, UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.