Cornercap Investment Counsel Inc. Sells 12,881 Shares of Primoris Services Co. (NASDAQ:PRIM)

Cornercap Investment Counsel Inc. lessened its holdings in Primoris Services Co. (NASDAQ:PRIM) by 53.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,311 shares of the construction company’s stock after selling 12,881 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Primoris Services were worth $657,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PRIM. Marshall Wace LLP bought a new position in shares of Primoris Services in the second quarter valued at about $28,089,000. Boston Partners lifted its position in Primoris Services by 5.7% during the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after acquiring an additional 28,997 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after acquiring an additional 327,412 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Primoris Services by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after acquiring an additional 18,361 shares during the period. Finally, Cubist Systematic Strategies LLC grew its position in shares of Primoris Services by 25.5% in the second quarter. Cubist Systematic Strategies LLC now owns 205,978 shares of the construction company’s stock valued at $10,276,000 after purchasing an additional 41,797 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PRIM. DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,409 shares of company stock worth $4,762,468. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

PRIM opened at $78.07 on Friday. The firm has a market cap of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05. The business’s fifty day moving average is $62.82 and its 200-day moving average is $55.91. Primoris Services Co. has a 52-week low of $29.14 and a 52-week high of $83.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $1.02 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

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.