Connor Clark & Lunn Investment Management Ltd. Has $4.17 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 71.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,652 shares of the construction company's stock after purchasing an additional 30,277 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Primoris Services worth $4,171,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position in Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after acquiring an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Primoris Services in the first quarter worth about $231,000. SG Americas Securities LLC bought a new position in shares of Primoris Services in the first quarter worth about $1,070,000. KBC Group NV boosted its stake in Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after buying an additional 558 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Primoris Services by 74.3% during the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after purchasing an additional 19,530 shares during the period. 91.82% of the stock is owned by institutional investors.

Insider Activity

In related news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the transaction, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. UBS Group upped their price objective on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. KeyCorp increased their price objective on Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. Finally, DA Davidson raised their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $99.44.

Primoris Services Stock Up 0.6%

Shares of PRIM traded up $0.63 during midday trading on Friday, hitting $111.75. The company had a trading volume of 1,054,742 shares, compared to its average volume of 936,502. The company's 50 day moving average price is $88.19 and its 200 day moving average price is $74.14. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 37.00 and a beta of 1.44. Primoris Services Co. has a 52 week low of $48.33 and a 52 week high of $115.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business posted $1.04 EPS. Primoris Services's revenue was up 20.9% on a year-over-year basis. On average, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio is currently 7.26%.

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.