Raymond James & Associates Reduces Holdings in Primoris Services Co. (NASDAQ:PRIM)

Raymond James & Associates cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 44.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,916 shares of the construction company's stock after selling 27,139 shares during the quarter. Raymond James & Associates owned 0.06% of Primoris Services worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Walleye Capital LLC lifted its holdings in Primoris Services by 125.9% in the 3rd quarter. Walleye Capital LLC now owns 100,603 shares of the construction company's stock worth $3,293,000 after buying an additional 56,060 shares during the period. Heartland Advisors Inc. purchased a new stake in Primoris Services in the 3rd quarter worth approximately $4,091,000. Barclays PLC lifted its holdings in Primoris Services by 17.8% in the 3rd quarter. Barclays PLC now owns 13,632 shares of the construction company's stock worth $447,000 after buying an additional 2,062 shares during the period. Essex Investment Management Co. LLC lifted its holdings in Primoris Services by 14.2% in the 3rd quarter. Essex Investment Management Co. LLC now owns 282,449 shares of the construction company's stock worth $9,245,000 after buying an additional 35,079 shares during the period. Finally, Boston Partners lifted its holdings in Primoris Services by 17.7% in the 3rd quarter. Boston Partners now owns 524,767 shares of the construction company's stock worth $16,894,000 after buying an additional 78,922 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRIM has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a "neutral" rating in a report on Thursday, April 4th. UBS Group increased their target price on Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. StockNews.com lowered Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. Finally, DA Davidson increased their target price on Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, April 4th.

Get Our Latest Stock Report on PRIM

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the sale, the director now owns 29,217 shares of the company's stock, valued at approximately $1,188,839.73. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the sale, the director now owns 237,281 shares of the company's stock, valued at approximately $9,635,981.41. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the sale, the director now directly owns 29,217 shares of the company's stock, valued at approximately $1,188,839.73. The disclosure for this sale can be found here. Insiders sold a total of 50,000 shares of company stock valued at $2,040,125 in the last 90 days. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Up 0.9 %

Shares of NASDAQ:PRIM opened at $43.53 on Friday. Primoris Services Co. has a 52-week low of $23.48 and a 52-week high of $47.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a market capitalization of $2.33 billion, a P/E ratio of 18.76 and a beta of 1.19. The stock has a 50 day moving average price of $41.41 and a 200-day moving average price of $35.23.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same quarter last year, the company earned $0.93 EPS. The firm's revenue for the quarter was up 14.0% on a year-over-year basis. As a group, equities research analysts anticipate that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Wednesday, March 27th. Primoris Services's dividend payout ratio (DPR) is presently 10.34%.

About Primoris Services

(Free Report)

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.

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