Ieq Capital LLC Invests $237,000 in Primoris Services Co. (NASDAQ:PRIM)

Ieq Capital LLC bought a new stake in Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,099 shares of the construction company’s stock, valued at approximately $237,000.

Several other large investors have also recently added to or reduced their stakes in the business. Creative Planning purchased a new position in shares of Primoris Services during the 3rd quarter worth about $424,000. Blue Trust Inc. raised its stake in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Primoris Services by 4.2% during the 3rd quarter. QRG Capital Management Inc. now owns 76,356 shares of the construction company’s stock valued at $4,435,000 after buying an additional 3,108 shares during the period. Finally, Hanseatic Management Services Inc. grew its stake in shares of Primoris Services by 4.6% during the 3rd quarter. Hanseatic Management Services Inc. now owns 16,874 shares of the construction company’s stock valued at $980,000 after buying an additional 741 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. DA Davidson reiterated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday. KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective 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. One equities research 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 data from MarketBeat, the company currently has a consensus 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 the firm’s 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 completion of the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by insiders.

Primoris Services Price Performance

PRIM opened at $71.68 on Friday. The company has a fifty day simple moving average of $77.49 and a 200 day simple moving average of $69.76. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 23.74 and a beta of 1.14. Primoris Services Co. has a twelve month low of $38.38 and a twelve month high of $90.86.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 annualized dividend and a dividend yield of 0.45%. Primoris Services’s dividend payout ratio is presently 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.