Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Janus Henderson Group PLC

Janus Henderson Group PLC raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 29.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,932 shares of the construction company’s stock after buying an additional 21,143 shares during the period. Janus Henderson Group PLC owned approximately 0.17% of Primoris Services worth $5,340,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC boosted its holdings in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. increased its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the period. CWM LLC raised its stake in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the second quarter valued at $70,000. Finally, KBC Group NV boosted its stake in Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Down 4.9 %

PRIM stock opened at $78.61 on Tuesday. The company’s 50 day simple moving average is $71.36 and its 200-day simple moving average is $59.70. 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 Co. has a 52-week low of $30.94 and a 52-week high of $84.97. The firm has a market capitalization of $4.22 billion, a P/E ratio of 26.03 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 earnings per share. As a group, equities research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 completion of the sale, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,409 shares of company stock worth $4,930,428. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRIM. The Goldman Sachs Group boosted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

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.