Victory Capital Management Inc. Decreases Position in Primoris Services Co. (NASDAQ:PRIM)

Victory Capital Management Inc. decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 21.2% during the third quarter, Holdings Channel.com reports. The fund owned 288,876 shares of the construction company’s stock after selling 77,640 shares during the quarter. Victory Capital Management Inc.’s holdings in Primoris Services were worth $16,778,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Primoris Services during the first quarter valued at about $255,000. ProShare Advisors LLC boosted its stake in Primoris Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after acquiring an additional 751 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Primoris Services by 26.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after acquiring an additional 3,940 shares in the last quarter. EntryPoint Capital LLC boosted its stake in Primoris Services by 16.2% during the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock worth $157,000 after acquiring an additional 513 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Primoris Services by 8.4% during the first quarter. Advisors Asset Management Inc. now owns 82,745 shares of the construction company’s stock worth $3,522,000 after acquiring an additional 6,437 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRIM. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Price Performance

Primoris Services stock opened at $81.38 on Wednesday. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 26.95 and a beta of 1.05. The firm’s fifty day moving average is $64.07 and its 200 day moving average is $56.51. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52-week low of $29.14 and a 52-week high of $83.40.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share. Sell-side analysts forecast that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently disclosed 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 is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. Primoris Services’s dividend payout ratio is 7.95%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were 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 sold a total of 75,409 shares of company stock valued at $4,762,468 over the last three months. 1.30% of the stock is owned by company insiders.

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.