Appian Way Asset Management LP Purchases 35,367 Shares of Primoris Services Co. (NASDAQ:PRIM)

Appian Way Asset Management LP raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 49.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,431 shares of the construction company’s stock after purchasing an additional 35,367 shares during the quarter. Primoris Services accounts for approximately 1.4% of Appian Way Asset Management LP’s investment portfolio, making the stock its 19th largest holding. Appian Way Asset Management LP owned approximately 0.20% of Primoris Services worth $6,240,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PRIM. Marshall Wace LLP purchased a new stake in Primoris Services in the 2nd quarter valued at about $28,089,000. Summit Partners Public Asset Management LLC raised its holdings in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP purchased a new position in shares of Primoris Services in the 2nd quarter worth approximately $9,584,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PRIM shares. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. Finally, UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Trading Up 0.6 %

NASDAQ PRIM opened at $83.71 on Friday. Primoris Services Co. has a 1 year low of $29.14 and a 1 year high of $84.97. 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 $4.50 billion, a PE ratio of 27.72 and a beta of 1.05. The company has a fifty day moving average of $67.91 and a 200 day moving average of $58.06.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. Research analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio is presently 7.95%.

Insider Activity

In other news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at $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. Insiders have sold 75,409 shares of company stock worth $4,762,468 in the last ninety days. Company insiders own 1.40% of the company’s stock.

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.