Quest Partners LLC Buys 15,450 Shares of Primoris Services Co. (NASDAQ:PRIM)

Quest Partners LLC grew its stake in Primoris Services Co. (NASDAQ:PRIM) by 1,945.8% in the third quarter, HoldingsChannel.com reports. The fund owned 16,244 shares of the construction company’s stock after acquiring an additional 15,450 shares during the period. Quest Partners LLC’s holdings in Primoris Services were worth $943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the 1st quarter valued at approximately $255,000. ProShare Advisors LLC grew its position in shares of Primoris Services by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock valued at $406,000 after purchasing an additional 751 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Primoris Services by 26.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock valued at $813,000 after purchasing an additional 3,940 shares during the period. Advisors Asset Management Inc. grew its position in shares of Primoris Services by 8.4% in the 1st quarter. Advisors Asset Management Inc. now owns 82,745 shares of the construction company’s stock valued at $3,522,000 after purchasing an additional 6,437 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Primoris Services by 3.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock valued at $2,953,000 after purchasing an additional 2,391 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Trading Down 1.2 %

NASDAQ PRIM opened at $80.38 on Thursday. The company has a market cap of $4.32 billion, a PE ratio of 26.62 and a beta of 1.05. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $83.40. The stock has a 50 day moving average of $64.62 and a 200-day moving average of $56.67.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the business earned $1.02 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Insider Activity at Primoris Services

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock worth $4,762,468. Company insiders own 1.30% of the company’s stock.

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.