Los Angeles Capital Management LLC Trims Position in Primoris Services Co. (NASDAQ:PRIM)

Los Angeles Capital Management LLC decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 5.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,919 shares of the construction company’s stock after selling 210 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Primoris Services were worth $228,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PRIM. Marshall Wace LLP purchased a new position in shares of Primoris Services in the second quarter worth approximately $28,089,000. Victory Capital Management Inc. grew its position in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares during the period. Decade Renewable Partners LP purchased a new stake in shares of Primoris Services in the 2nd quarter worth $9,584,000. Renaissance Technologies LLC bought a new position in Primoris Services in the 2nd quarter worth $6,366,000. Finally, Nicholas Investment Partners LP purchased a new position in Primoris Services during the second quarter valued at $5,489,000. 91.82% of the stock is currently owned by institutional investors.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on 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. This represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock valued at $4,762,468 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 1.3 %

PRIM stock opened at $79.06 on Tuesday. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 26.18 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40. The business has a 50 day simple moving average of $63.43 and a two-hundred day simple moving average of $56.27.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (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 company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm posted $1.02 EPS. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. Research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. Primoris Services’s payout ratio is presently 10.60%.

Analyst Ratings Changes

A number of brokerages have commented on PRIM. DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group raised their price objective 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 analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.50.

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.