Primoris Services Co. (NASDAQ:PRIM) is Phocas Financial Corp.'s 7th Largest Position

Phocas Financial Corp. cut its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 28.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 312,350 shares of the construction company's stock after selling 126,336 shares during the quarter. Primoris Services comprises approximately 1.4% of Phocas Financial Corp.'s holdings, making the stock its 7th biggest position. Phocas Financial Corp. owned approximately 0.59% of Primoris Services worth $10,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new stake in Primoris Services during the 3rd quarter valued at $38,000. Group One Trading L.P. acquired a new stake in Primoris Services during the 3rd quarter valued at $44,000. Tower Research Capital LLC TRC lifted its holdings in shares of Primoris Services by 47.5% during the first quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company's stock worth $35,000 after buying an additional 466 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Primoris Services by 132.3% during the fourth quarter. Meeder Asset Management Inc. now owns 2,757 shares of the construction company's stock worth $60,000 after buying an additional 1,570 shares in the last quarter. Finally, Advisor Group Holdings Inc. lifted its holdings in shares of Primoris Services by 28.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,078 shares of the construction company's stock worth $67,000 after buying an additional 675 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PRIM shares. DA Davidson lifted their target price on Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, April 4th. The Goldman Sachs Group lifted their target price on Primoris Services from $38.00 to $43.00 and gave the stock a "neutral" rating in a report on Thursday, April 4th. UBS Group raised their price target on Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. Finally, StockNews.com cut Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th.

Primoris Services Trading Down 1.4 %

PRIM traded down $0.65 during trading on Friday, hitting $45.50. The company's stock had a trading volume of 430,042 shares, compared to its average volume of 594,572. Primoris Services Co. has a twelve month low of $23.48 and a twelve month high of $47.87. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The stock's fifty day moving average price is $40.62 and its 200-day moving average price is $34.82. The firm has a market capitalization of $2.44 billion, a P/E ratio of 19.61 and a beta of 1.19.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The company's revenue was up 14.0% compared to the same quarter last year. Analysts anticipate that Primoris Services Co. will post 2.61 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, March 27th. Primoris Services's payout ratio is 10.34%.

Insider Transactions at Primoris Services

In other news, CAO Travis L. Stricker sold 7,500 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the transaction, the chief accounting officer now directly owns 9,068 shares of the company's stock, valued at $362,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $40.61, for a total transaction of $812,200.00. Following the completion of the sale, the director now owns 237,281 shares in the company, valued at $9,635,981.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Travis L. Stricker sold 7,500 shares of the company's stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the sale, the chief accounting officer now owns 9,068 shares of the company's stock, valued at approximately $362,720. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,040,125 over the last ninety days. 1.40% of the stock is owned by company 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.