Xponance Inc. Buys 486 Shares of Primoris Services Co. (NASDAQ:PRIM)

Xponance Inc. raised its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 11.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,849 shares of the construction company’s stock after acquiring an additional 486 shares during the quarter. Xponance Inc.’s holdings in Primoris Services were worth $370,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PRIM. Arizona State Retirement System boosted its holdings in Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after acquiring an additional 131 shares in the last quarter. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC raised its holdings in Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock worth $406,000 after buying an additional 268 shares during the last quarter. Finally, Virtue Capital Management LLC lifted its stake in shares of Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Down 6.1 %

Shares of PRIM stock opened at $60.93 on Thursday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $40.74 and a 12 month high of $90.86. The stock has a market cap of $3.27 billion, a P/E ratio of 20.18 and a beta of 1.13. The company has a 50 day simple moving average of $72.16 and a two-hundred day simple moving average of $71.41.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.53%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRIM. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $89.14.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 1.40% of the company’s stock.

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.