Tectonic Advisors LLC Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Tectonic Advisors LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,508 shares of the construction company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. LSV Asset Management grew its holdings in Primoris Services by 9.9% in the 1st quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after buying an additional 52,274 shares in the last quarter. Marshall Wace LLP bought a new position in Primoris Services during the second quarter worth about $28,089,000. Boston Partners raised its stake in Primoris Services by 5.7% in the 1st quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after purchasing an additional 28,997 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after purchasing an additional 327,412 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Primoris Services by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred 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 directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction dated 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. Over the last 90 days, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $61.03 on Friday. The firm has a 50 day moving average of $57.07 and a 200-day moving average of $53.07. Primoris Services Co. has a 12 month low of $28.96 and a 12 month high of $63.85. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $3.28 billion, a PE ratio of 21.49 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.65 by $0.39. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 earnings per share. On average, equities research analysts predict that Primoris Services Co. will post 3.33 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio is presently 8.45%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRIM shares. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. UBS Group lifted their price objective on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

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.