A. D. Beadell Investment Counsel Inc. Has $6.02 Million Position in Primoris Services Co. (NASDAQ:PRIM)

A. D. Beadell Investment Counsel Inc. decreased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 11.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,845 shares of the construction company’s stock after selling 9,985 shares during the period. Primoris Services makes up 4.9% of A. D. Beadell Investment Counsel Inc.’s investment portfolio, making the stock its 2nd largest holding. A. D. Beadell Investment Counsel Inc. owned approximately 0.15% of Primoris Services worth $6,023,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PRIM. Blue Trust Inc. grew 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 acquiring an additional 197 shares during the last quarter. TD Private Client Wealth LLC increased its stake in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. Arizona State Retirement System raised its holdings in Primoris Services by 2.0% in the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after buying an additional 294 shares during the last quarter. Virtue Capital Management LLC lifted its stake in shares of Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares in the last quarter. Finally, KBC Group NV grew its holdings 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. Institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. DA Davidson upped their target price 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. Finally, KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $88.67.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $1.98 during midday trading on Friday, hitting $76.95. 72,737 shares of the company’s stock traded hands, compared to its average volume of 400,807. The firm has a fifty day moving average of $79.59 and a 200 day moving average of $63.65. Primoris Services Co. has a 1 year low of $32.01 and a 1 year high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 25.48 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 EPS 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 analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 earnings per share. On average, analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a boost 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 0.42%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is presently 10.60%.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,018 shares of company stock valued at $1,854,974. 1.30% of the stock is owned by corporate insiders.

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.