Raymond James & Associates Trims Stake in Primoris Services Co. (NASDAQ:PRIM)

Raymond James & Associates trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 44.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,916 shares of the construction company's stock after selling 27,139 shares during the period. Raymond James & Associates owned approximately 0.06% of Primoris Services worth $1,126,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisor Resource Council bought a new stake in Primoris Services in the 4th quarter valued at about $247,000. Ziegler Capital Management LLC bought a new stake in Primoris Services during the 4th quarter worth approximately $527,000. Fulton Bank N.A. increased its holdings in Primoris Services by 21.0% during the 4th quarter. Fulton Bank N.A. now owns 13,077 shares of the construction company's stock worth $434,000 after purchasing an additional 2,271 shares in the last quarter. American Century Companies Inc. increased its holdings in Primoris Services by 49.0% during the 3rd quarter. American Century Companies Inc. now owns 54,514 shares of the construction company's stock worth $1,784,000 after purchasing an additional 17,921 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Primoris Services by 17.6% during the 3rd quarter. Deutsche Bank AG now owns 25,868 shares of the construction company's stock worth $847,000 after purchasing an additional 3,869 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent research reports. StockNews.com lowered Primoris Services from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 7th. UBS Group boosted their price objective on Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, April 5th. DA Davidson boosted their price objective on Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, April 4th. Finally, The Goldman Sachs Group upped their target price on Primoris Services from $38.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, April 4th.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the transaction, the director now owns 29,217 shares in the company, valued at $1,188,839.73. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Primoris Services news, Director David Lee King sold 2,500 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now owns 29,217 shares in the company, valued at $1,188,839.73. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the 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 in the company, valued at approximately $362,720. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,000 shares of company stock worth $2,040,125. Insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.40 during trading on Friday, hitting $43.53. The company's stock had a trading volume of 610,217 shares, compared to its average volume of 529,357. The company has a market cap of $2.33 billion, a PE ratio of 18.76 and a beta of 1.19. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $41.41 and a 200-day moving average of $35.26. Primoris Services Co. has a 52 week low of $23.48 and a 52 week high of $47.87.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its 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 company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period in the prior year, the company posted $0.93 earnings per share. Primoris Services's quarterly revenue was up 14.0% on a year-over-year basis. As a group, research analysts anticipate that Primoris Services Co. will post 2.61 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.55%. Primoris Services's payout ratio is 10.34%.

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.