AMI Asset Management Corp Purchases Shares of 12,702 Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp acquired a new position in Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,702 shares of the construction company’s stock, valued at approximately $738,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRIM. Marshall Wace LLP acquired a new stake in shares of Primoris Services in the second quarter worth $28,089,000. Victory Capital Management Inc. raised its stake 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 buying an additional 327,412 shares during the last quarter. Decade Renewable Partners LP acquired a new position in shares of Primoris Services in the second quarter worth about $9,584,000. Renaissance Technologies LLC acquired a new position in Primoris Services in the 2nd quarter worth about $6,366,000. Finally, Nicholas Investment Partners LP purchased a new position in Primoris Services during the second quarter worth approximately $5,489,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PRIM. UBS Group boosted their price objective on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value 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 $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock valued at $3,075,454 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Primoris Services Stock Performance

Primoris Services stock opened at $63.31 on Wednesday. The firm has a 50 day simple moving average of $57.46 and a 200-day simple moving average of $53.38. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 22.29 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services Co. has a 1-year low of $28.96 and a 1-year high of $63.85.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. On average, analysts expect that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services’s payout ratio is 8.45%.

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.