Principal Securities Inc. Buys 343 Shares of Primoris Services Co. (NASDAQ:PRIM)

Principal Securities Inc. grew its stake in Primoris Services Co. (NASDAQ:PRIM) by 63.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 886 shares of the construction company’s stock after purchasing an additional 343 shares during the quarter. Principal Securities Inc.’s holdings in Primoris Services were worth $68,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PRIM. Congress Asset Management Co. bought a new position in Primoris Services during the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC increased its holdings 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 valued at $48,779,000 after buying an additional 374,926 shares during the period. BNP Paribas Financial Markets increased its holdings in Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares during the period. Yaupon Capital Management LP increased its holdings 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 valued at $40,645,000 after buying an additional 154,627 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of PRIM stock opened at $73.03 on Thursday. The firm has a market capitalization of $3.92 billion, a PE ratio of 24.18 and a beta of 1.14. The firm has a fifty day simple moving average of $77.66 and a two-hundred day simple moving average of $69.74. 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 $37.00 and a 12 month high of $90.86.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRIM shares. KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $91.83.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by company 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.