Dakota Wealth Management Buys New Holdings in Primoris Services Co. (NASDAQ:PRIM)

Dakota Wealth Management bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,053 shares of the construction company’s stock, valued at approximately $539,000.

A number of other institutional investors have also recently made changes to their positions in PRIM. Blue Trust Inc. raised its holdings in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of 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 buying an additional 230 shares in the last quarter. Virtue Capital Management LLC increased its holdings in shares of Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Primoris Services during the 4th quarter valued at about $27,000. Finally, KBC Group NV lifted its holdings in shares of Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after acquiring an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of recent research reports. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. 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. Finally, UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One research 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 company’s stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Buy” and a consensus target price of $88.67.

Primoris Services Trading Down 1.7 %

PRIM stock opened at $86.40 on Friday. Primoris Services Co. has a 12 month low of $32.39 and a 12 month high of $90.86. The firm’s 50-day moving average is $81.37 and its 200 day moving average is $66.42. 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 current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

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

Insider Activity at Primoris Services

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock worth $1,854,974 over the last three months. 1.40% of the stock is owned by corporate 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.