Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by 12th Street Asset Management Company LLC

12th Street Asset Management Company LLC grew its stake in Primoris Services Co. (NASDAQ:PRIM) by 2.7% during the fourth quarter, HoldingsChannel reports. The firm owned 281,905 shares of the construction company’s stock after purchasing an additional 7,495 shares during the quarter. Primoris Services comprises approximately 3.6% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 14th biggest holding. 12th Street Asset Management Company LLC’s holdings in Primoris Services were worth $21,538,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in Primoris Services in the 4th quarter valued at $27,000. Farther Finance Advisors LLC boosted its position 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 period. Principal Securities Inc. raised its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the period. Millburn Ridgefield Corp purchased a new position in Primoris Services in the 3rd quarter valued at about $59,000. Finally, TD Private Client Wealth LLC increased its stake in shares of Primoris Services by 24.2% in the third 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 during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred 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 completion of the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on PRIM shares. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday. They set a “buy” rating and a $73.00 target price for the company. DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. 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. JPMorgan Chase & Co. lifted their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Finally, Guggenheim initiated coverage on Primoris Services in a research note 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Primoris Services currently has an average rating of “Buy” and a consensus price target of $89.14.

Primoris Services Stock Down 0.8 %

Primoris Services stock opened at $65.16 on Friday. Primoris Services Co. has a fifty-two week low of $39.63 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 21.58 and a beta of 1.13. The firm has a fifty day moving average price of $75.15 and a two-hundred day moving average price of $70.64.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. Primoris Services’s payout ratio is 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.