Inspire Investing LLC Has $1.19 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Inspire Investing LLC raised its position in Primoris Services Co. (NASDAQ:PRIM) by 118.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,554 shares of the construction company’s stock after acquiring an additional 8,443 shares during the period. Inspire Investing LLC’s holdings in Primoris Services were worth $1,188,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Marshall Wace LLP bought a new position in Primoris Services in the second quarter worth $28,089,000. Summit Partners Public Asset Management LLC raised its stake in shares of Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after acquiring an additional 208,920 shares during the period. Decade Renewable Partners LP bought a new position in shares of Primoris Services during the 2nd quarter worth about $9,584,000. Finally, Yaupon Capital Management LP boosted its position in shares of Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PRIM. KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. initiated coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. Finally, 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 report on Thursday, November 14th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $88.67.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated 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 owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 0.1 %

Shares of PRIM opened at $88.03 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $4.73 billion, a price-to-earnings ratio of 24.57 and a beta of 1.14. The stock has a fifty day moving average price of $81.21 and a two-hundred day moving average price of $66.03. Primoris Services Co. has a 52-week low of $32.13 and a 52-week high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. Analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.36%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, December 31st. 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.