Verition Fund Management LLC Has $39.54 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Verition Fund Management LLC trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 18.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 680,824 shares of the construction company’s stock after selling 151,047 shares during the quarter. Verition Fund Management LLC’s holdings in Primoris Services were worth $39,542,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Summit Partners Public Asset Management LLC grew its position in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after acquiring an additional 91,235 shares in the last quarter. Marshall Wace LLP acquired a new stake in Primoris Services during the second quarter valued at $28,089,000. Boston Partners increased its position 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 during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after purchasing an additional 327,412 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Down 0.6 %

Shares of Primoris Services stock opened at $83.17 on Friday. Primoris Services Co. has a 12-month low of $29.14 and a 12-month high of $84.97. The stock has a market capitalization of $4.47 billion, a P/E ratio of 27.54 and a beta of 1.05. 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 stock has a 50 day moving average price of $67.91 and a two-hundred day moving average price of $58.06.

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

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a positive change 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 payout ratio is presently 7.95%.

Analyst Upgrades and Downgrades

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

About Primoris Services

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.