Commerce Bank Decreases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Commerce Bank lessened its stake in Primoris Services Co. (NASDAQ:PRIM) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PRIM. Price T Rowe Associates Inc. MD increased its stake in shares of Primoris Services by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock worth $2,953,000 after purchasing an additional 2,391 shares in the last quarter. Janus Henderson Group PLC increased its stake in Primoris Services by 185.7% during the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock worth $2,758,000 after buying an additional 42,112 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Primoris Services by 384.8% during the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock valued at $4,930,000 after acquiring an additional 91,915 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Primoris Services by 240.0% in the first quarter. Tidal Investments LLC now owns 28,560 shares of the construction company’s stock valued at $1,216,000 after acquiring an additional 20,160 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of Primoris Services by 5.7% in the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after acquiring an additional 28,997 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 2,000 shares of the 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 transaction, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a filing 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 shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,409 shares of company stock valued at $4,762,468. 1.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on PRIM shares. DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Price Performance

Shares of PRIM stock opened at $83.98 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $4.51 billion, a PE ratio of 27.81 and a beta of 1.05. The firm’s 50-day moving average is $65.78 and its two-hundred day moving average is $57.23. Primoris Services Co. has a 12 month low of $29.14 and a 12 month high of $84.97.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion for 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%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 EPS. Analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. 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 dividend yield of 0.38%. Primoris Services’s dividend payout ratio is currently 7.95%.

Primoris Services 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.