Commerce Bank Cuts Position in Primoris Services Co. (NASDAQ:PRIM)

Commerce Bank reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,628 shares of the construction company’s stock after selling 325 shares during the quarter. Commerce Bank’s holdings in Primoris Services were worth $675,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PRIM. Marshall Wace LLP purchased a new stake in shares of Primoris Services during the second quarter valued at about $28,089,000. Boston Partners boosted its stake in Primoris Services by 5.7% in the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after acquiring an additional 28,997 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Primoris Services by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of Primoris Services by 25.5% during the second quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company’s stock worth $10,276,000 after purchasing an additional 41,797 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

PRIM has been the subject of a number of recent analyst reports. The Goldman Sachs Group boosted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. Finally, DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” 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 currently has an average rating of “Moderate Buy” and an average price target of $83.50.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,409 shares of company stock worth $4,762,468. 1.30% of the stock is owned by corporate insiders.

Primoris Services Trading Up 1.2 %

Primoris Services stock opened at $83.98 on Tuesday. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $84.97. The stock has a 50-day moving average price of $65.78 and a 200 day moving average price of $57.23. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 27.81 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. Sell-side analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.38%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

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.