Horizon Investment Services LLC Acquires 9,588 Shares of Primoris Services Co. (NASDAQ:PRIM)

Horizon Investment Services LLC lifted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 117.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,763 shares of the construction company’s stock after purchasing an additional 9,588 shares during the period. Horizon Investment Services LLC’s holdings in Primoris Services were worth $1,357,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. USA Financial Formulas acquired a new stake in shares of Primoris Services in the fourth quarter worth about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the third quarter valued at approximately $59,000. Farther Finance Advisors LLC lifted its stake in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares during the period. Finally, TD Private Client Wealth LLC grew its stake in 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 valued at $69,000 after buying an additional 230 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent analyst reports. DA Davidson restated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $89.14.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $57.27 on Friday. Primoris Services Co. has a twelve month low of $40.74 and a twelve month high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $3.08 billion, a P/E ratio of 18.96 and a beta of 1.13. The firm’s 50-day simple moving average is $71.07 and its 200-day simple moving average is $71.38.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.56%. Primoris Services’s payout ratio is presently 9.64%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 in the last 90 days. 1.40% of the stock is 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.