Intech Investment Management LLC Acquires Shares of 15,713 Primoris Services Co. (NASDAQ:PRIM)

Intech Investment Management LLC acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,713 shares of the construction company’s stock, valued at approximately $913,000.

A number of other large investors have also recently made changes to their positions in the stock. Blue Trust Inc. boosted 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 purchasing an additional 197 shares during the period. CWM LLC boosted its stake in shares of Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the period. Arizona State Retirement System boosted its stake in shares of Primoris Services by 2.0% during the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after purchasing an additional 294 shares during the period. KBC Group NV boosted its stake 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 valued at $105,000 after purchasing an additional 399 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

PRIM opened at $83.17 on Friday. The firm has a market capitalization of $4.47 billion, a PE ratio of 27.54 and a beta of 1.05. The business’s 50-day moving average is $67.43 and its two-hundred day moving average is $57.89. Primoris Services Co. has a 1 year low of $29.14 and a 1 year high of $84.97. 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 (NASDAQ:PRIM) last posted 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. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 EPS. Research analysts anticipate that Primoris Services Co. will post 3.45 earnings per share 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. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 7.95%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on 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 worth $4,762,468 in the last 90 days. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PRIM shares. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.50.

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.