Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Primoris Services Co. (NASDAQ:PRIM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 8.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,621 shares of the construction company’s stock after buying an additional 1,325 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Primoris Services were worth $1,346,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Geode Capital Management LLC raised its position in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after buying an additional 15,070 shares during the last quarter. Summit Partners Public Asset Management LLC raised its position in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the last quarter. Yaupon Capital Management LP raised its position in Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Primoris Services by 14.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock worth $52,942,000 after buying an additional 85,943 shares during the last quarter. Finally, Congress Asset Management Co. purchased a new position in Primoris Services in the 4th quarter worth about $48,851,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRIM shares. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, KeyCorp started 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. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $89.14.

Primoris Services Trading Down 1.7 %

Shares of NASDAQ:PRIM opened at $63.53 on Wednesday. The stock has a 50 day moving average of $74.06 and a 200 day moving average of $71.02. The company has a market cap of $3.41 billion, a PE ratio of 21.04 and a beta of 1.13. 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 $39.79 and a 12-month high of $90.86.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued 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 dividend yield of 0.50%. Primoris Services’s dividend payout ratio (DPR) is 9.64%.

Primoris Services Company 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.