Ausbil Investment Management Ltd Buys 14,033 Shares of Primoris Services Co. (NASDAQ:PRIM)

Ausbil Investment Management Ltd increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 31.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 58,223 shares of the construction company’s stock after purchasing an additional 14,033 shares during the period. Ausbil Investment Management Ltd’s holdings in Primoris Services were worth $3,382,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Primoris Services by 62.5% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 39,000 shares of the construction company’s stock worth $2,265,000 after buying an additional 15,000 shares in the last quarter. Schubert & Co purchased a new stake in shares of Primoris Services during the 3rd quarter valued at $398,000. Blue Trust Inc. lifted its holdings 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 worth $53,000 after acquiring an additional 197 shares during the last quarter. Creative Planning purchased a new position in Primoris Services in the third quarter worth $424,000. Finally, Oliver Luxxe Assets LLC increased its stake in Primoris Services by 112.2% in the third quarter. Oliver Luxxe Assets LLC now owns 30,662 shares of the construction company’s stock valued at $1,781,000 after acquiring an additional 16,212 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In other news, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock valued at $3,075,454 in the last quarter. Insiders own 1.40% of the company’s stock.

Primoris Services Trading Down 0.5 %

Shares of NASDAQ:PRIM traded down $0.28 on Thursday, reaching $61.06. 32,837 shares of the company traded hands, compared to its average volume of 550,820. Primoris Services Co. has a 52 week low of $28.96 and a 52 week high of $63.85. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The business’s 50-day simple moving average is $56.78 and its 200 day simple moving average is $52.86. The stock has a market capitalization of $3.28 billion, a P/E ratio of 18.46 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. As a group, equities analysts anticipate that Primoris Services Co. will post 3.33 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.06 per share. The ex-dividend date was Friday, September 27th. This represents a $0.24 annualized dividend and a yield of 0.39%. Primoris Services’s payout ratio is currently 8.45%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PRIM shares. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. UBS Group boosted their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

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.