Dakota Wealth Management Buys Shares of 7,053 Primoris Services Co. (NASDAQ:PRIM)

Dakota Wealth Management purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIMFree Report) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 7,053 shares of the construction company’s stock, valued at approximately $539,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. USA Financial Formulas purchased a new stake in Primoris Services during the 4th quarter worth approximately $27,000. Nisa Investment Advisors LLC lifted its stake in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. grew its holdings in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services in the 3rd quarter valued at $59,000. Finally, TD Private Client Wealth LLC raised its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRIM has been the topic of several research analyst reports. 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 on the stock. UBS Group increased their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. Finally, DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus target price of $88.67.

Check Out Our Latest Analysis on PRIM

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $86.40 on Friday. The company has a market capitalization of $4.64 billion, a PE ratio of 28.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company’s fifty day moving average price is $81.37 and its 200 day moving average price is $66.42. Primoris Services Co. has a 1 year low of $32.39 and a 1 year high of $90.86.

Primoris Services (NASDAQ:PRIMGet Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for 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 company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. On average, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

About Primoris Services

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Co. (NASDAQ:PRIMFree Report).

Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.