Connor Clark & Lunn Investment Management Ltd. Increases Holdings in Primoris Services Co. (NASDAQ:PRIM)

Connor Clark & Lunn Investment Management Ltd. increased its position in Primoris Services Co. (NASDAQ:PRIM) by 150.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,293 shares of the construction company’s stock after purchasing an additional 18,823 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Primoris Services worth $1,817,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its position in shares of Primoris Services by 414.2% during 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. grew its holdings in 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 in the last quarter. CWM LLC increased its position in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the period. FSC Wealth Advisors LLC bought a new stake in shares of Primoris Services in the 2nd quarter valued at about $70,000. Finally, KBC Group NV lifted its position in shares of Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after purchasing an additional 399 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of recent research reports. 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 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 report on Thursday, November 14th. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. Finally, DA Davidson lifted their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.50.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated 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 sale, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.30% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM opened at $83.98 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $4.51 billion, a PE ratio of 27.81 and a beta of 1.05. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $84.97. The stock has a fifty day moving average price of $65.78 and a 200-day moving average price of $57.23.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid 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 0.38%. Primoris Services’s dividend payout ratio is presently 7.95%.

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.