Atria Investments Inc Acquires 1,684 Shares of Primoris Services Co. (NASDAQ:PRIM)

Atria Investments Inc lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 12.7% during the 3rd quarter, Holdings Channel reports. The firm owned 14,944 shares of the construction company’s stock after purchasing an additional 1,684 shares during the quarter. Atria Investments Inc’s holdings in Primoris Services were worth $868,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Summit Global Investments boosted its holdings in shares of Primoris Services by 53.8% during the 3rd quarter. Summit Global Investments now owns 8,634 shares of the construction company’s stock worth $501,000 after buying an additional 3,022 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Primoris Services by 45.0% during the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock valued at $2,940,000 after acquiring an additional 15,710 shares during the period. Hanseatic Management Services Inc. boosted its stake in Primoris Services by 4.6% during the third quarter. Hanseatic Management Services Inc. now owns 16,874 shares of the construction company’s stock worth $980,000 after acquiring an additional 741 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Primoris Services by 4.2% in the third quarter. QRG Capital Management Inc. now owns 76,356 shares of the construction company’s stock worth $4,435,000 after purchasing an additional 3,108 shares during the period. Finally, AMI Asset Management Corp bought a new stake in Primoris Services in the third quarter valued at $738,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock valued at $4,762,468 over the last three months. 1.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a report 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 report on Thursday. Finally, DA Davidson lifted their price target 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 equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Stock Down 1.1 %

PRIM opened at $78.07 on Monday. Primoris Services Co. has a twelve month low of $29.14 and a twelve month high of $83.40. The company’s 50-day moving average price is $62.82 and its two-hundred day moving average price is $56.04. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05. The company has a quick ratio of 1.38, a current 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 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 earnings per share. As a group, equities analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently disclosed 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 is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is currently 10.60%.

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.