Summit Partners Public Asset Management LLC Acquires 374,926 Shares of Primoris Services Co. (NASDAQ:PRIM)

Summit Partners Public Asset Management LLC boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 80.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 839,853 shares of the construction company’s stock after buying an additional 374,926 shares during the period. Primoris Services makes up about 1.5% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 15th largest position. Summit Partners Public Asset Management LLC owned approximately 1.56% of Primoris Services worth $48,779,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC raised its stake in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in shares of Primoris Services in the second quarter valued at approximately $70,000. Finally, KBC Group NV boosted its position in shares of Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Price Performance

PRIM opened at $83.17 on Friday. The firm has a 50-day moving average price of $67.43 and a 200-day moving average price of $57.89. Primoris Services Co. has a twelve month low of $29.14 and a twelve month high of $84.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 23.23 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS. Equities analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services’s dividend payout ratio is 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.