AMI Asset Management Corp Acquires 6,350 Shares of Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 50.0% in the 4th quarter, HoldingsChannel reports. The firm owned 19,052 shares of the construction company’s stock after purchasing an additional 6,350 shares during the quarter. AMI Asset Management Corp’s holdings in Primoris Services were worth $1,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRIM. Blue Trust Inc. increased 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 valued at $53,000 after buying an additional 197 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Virtue Capital Management LLC grew its stake in shares of Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Finally, KBC Group NV increased its holdings in shares of Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction that occurred on Thursday, November 14th. The shares were 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 directly owns 7,908 shares in the company, valued at approximately $621,015.24. The trade was a 33.69 % 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. 1.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price 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. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $88.67.

Primoris Services Trading Up 0.7 %

NASDAQ:PRIM opened at $85.02 on Tuesday. 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 1-year low of $32.13 and a 1-year high of $86.20. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 23.70 and a beta of 1.14. The business’s 50-day moving average price is $80.67 and its two-hundred day moving average price is $65.43.

Primoris Services (NASDAQ:PRIM) last announced its quarterly 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business posted $1.02 EPS. Primoris Services’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

About Primoris Services

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.