Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Farther Finance Advisors LLC

Farther Finance Advisors LLC raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 3,552.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 767 shares of the construction company’s stock after purchasing an additional 746 shares during the quarter. Farther Finance Advisors LLC’s holdings in Primoris Services were worth $59,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRIM. HighTower Advisors LLC grew its holdings in shares of Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock worth $406,000 after acquiring an additional 268 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Primoris Services by 8.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,621 shares of the construction company’s stock valued at $1,346,000 after purchasing an additional 1,325 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after buying an additional 268 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Primoris Services during the 4th quarter worth $1,141,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Primoris Services during the 4th quarter worth $21,199,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. Finally, Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 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 given a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus price target of $89.14.

Primoris Services Stock Down 1.2 %

NASDAQ PRIM opened at $63.68 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a fifty-two week low of $40.66 and a fifty-two week high of $90.86. The business has a 50 day moving average price of $73.22 and a two-hundred day moving average price of $71.12. The stock has a market cap of $3.42 billion, a PE ratio of 21.08 and a beta of 1.13.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.50%. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Buying and Selling 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 completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last ninety days. 1.40% of the stock is owned by insiders.

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.