Nomura Asset Management Co. Ltd. Lowers Position in Primoris Services Co. (NASDAQ:PRIM)

Nomura Asset Management Co. Ltd. decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 90.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 630 shares of the construction company’s stock after selling 5,990 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Primoris Services were worth $37,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PRIM. Nisa Investment Advisors LLC grew its stake in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in Primoris Services in the third quarter worth $59,000. CWM LLC increased its stake in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the last quarter. Finally, KBC Group NV raised its position in 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 in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $79.40 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The firm has a market cap of $4.26 billion, a PE ratio of 26.29 and a beta of 1.12. The business has a 50 day moving average price of $73.06 and a 200-day moving average price of $60.40.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the company posted $1.02 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts predict that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a positive change 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 dividend payout ratio is presently 7.95%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the transaction, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This represents a 15.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,018 shares of company stock worth $3,336,224. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. KeyCorp assumed 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 on the stock. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, UBS Group increased their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $86.00.

Primoris Services Company 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.