Primoris Services Co. (NASDAQ:PRIM) Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management reduced its stake in Primoris Services Co. by 8.6%, now holding 236,539 shares worth approximately $13.58 million.
• Primoris Services recently announced a quarterly dividend of $0.08, with a payout ratio of 8.47%, which will be distributed on October 15th.
• The company's stock rose 16.5% on a recent trading day, reaching $108.49, as it reported better-than-expected quarterly earnings of $1.68 per share, surpassing estimates significantly.

LSV Asset Management lessened its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 236,539 shares of the construction company's stock after selling 22,200 shares during the quarter. LSV Asset Management owned approximately 0.44% of Primoris Services worth $13,580,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRIM. Versant Capital Management Inc boosted its position in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in Primoris Services during the 1st quarter valued at $45,000. Covestor Ltd lifted its position in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after buying an additional 910 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Primoris Services by 166.1% during the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after buying an additional 1,274 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after acquiring an additional 1,279 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on PRIM shares. Janney Montgomery Scott started coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. KeyCorp raised their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, UBS Group raised their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $99.44.

Primoris Services Price Performance

NASDAQ PRIM traded up $0.80 during mid-day trading on Thursday, hitting $111.27. The stock had a trading volume of 1,120,797 shares, compared to its average volume of 938,464. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 36.84 and a beta of 1.44. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $113.47. The firm's 50 day moving average is $82.76 and its 200 day moving average is $72.71. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 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 20.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Equities research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is 7.26%.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently 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.