Barclays PLC Acquires 81,111 Shares of Primoris Services Co. (NASDAQ:PRIM)

Barclays PLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 245.8% in the third quarter, Holdings Channel.com reports. The firm owned 114,116 shares of the construction company’s stock after purchasing an additional 81,111 shares during the quarter. Barclays PLC’s holdings in Primoris Services were worth $6,628,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PRIM. Nisa Investment Advisors LLC boosted its holdings in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. lifted its position in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares in the last quarter. CWM LLC boosted its stake in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the period. Millburn Ridgefield Corp bought a new position in Primoris Services during the 3rd quarter worth about $59,000. Finally, KBC Group NV increased its holdings in Primoris Services by 28.5% during 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 in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Trading Down 3.7 %

NASDAQ PRIM opened at $77.88 on Thursday. The company has a market cap of $4.18 billion, a PE ratio of 25.79 and a beta of 1.12. Primoris Services Co. has a 12 month low of $30.94 and a 12 month high of $84.97. The stock has a 50 day moving average of $73.89 and a 200-day moving average of $60.76. 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 (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating 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 company 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 firm posted $1.02 EPS. The company’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities research analysts anticipate that Primoris Services Co. will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is a boost 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 presently 10.60%.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were 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 owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. 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. UBS Group lifted their price objective 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. 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 on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of “Buy” and an average target price 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.