AMI Asset Management Corp Has $1.46 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp increased its position in Primoris Services Co. (NASDAQ:PRIM) by 50.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,052 shares of the construction company’s stock after buying an additional 6,350 shares during the period. AMI Asset Management Corp’s holdings in Primoris Services were worth $1,456,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRIM. Geode Capital Management LLC grew its position in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC boosted 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. Yaupon Capital Management LP boosted its holdings in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after purchasing an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in 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 buying an additional 91,235 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Primoris Services during the second quarter valued at about $28,089,000. Institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 over the last three months. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on PRIM shares. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group increased 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. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $88.67.

Primoris Services Stock Performance

PRIM opened at $85.02 on Tuesday. Primoris Services Co. has a 12-month low of $32.13 and a 12-month high of $86.20. 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 firm has a market capitalization of $4.57 billion, a P/E ratio of 23.70 and a beta of 1.14. The stock’s 50 day moving average price is $80.67 and its two-hundred day moving average price is $65.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results 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 firm 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%. During the same period in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. On average, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

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.