Fulton Bank N.A. Increases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Fulton Bank N.A. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 3.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 12,022 shares of the construction company’s stock after acquiring an additional 406 shares during the quarter. Fulton Bank N.A.’s holdings in Primoris Services were worth $918,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Marshall Wace LLP purchased a new position in Primoris Services during the second quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC grew its position in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after purchasing an additional 327,412 shares during the period. BNP Paribas Financial Markets raised its position in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after buying an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP bought a new stake in Primoris Services during the second quarter valued at $9,584,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.8 %

NASDAQ PRIM opened at $78.66 on Friday. The stock has a 50-day moving average of $79.27 and a 200-day moving average of $63.54. 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 1-year low of $31.22 and a 1-year high of $84.97. The firm has a market cap of $4.23 billion, a PE ratio of 26.05 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last posted its earnings results 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. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.47 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. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is 10.60%.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. DA Davidson lifted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday. They issued a “buy” rating and a $102.00 price target on the stock. Finally, The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $88.67.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,018 shares of company stock valued at $1,854,974 in the last quarter. 1.30% of the stock is owned by insiders.

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.