11,095 Shares in Primoris Services Co. (NASDAQ:PRIM) Bought by Harvest Investment Services LLC

Harvest Investment Services LLC purchased a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,095 shares of the construction company's stock, valued at approximately $848,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter valued at $27,000. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the period. Principal Securities Inc. boosted its stake in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. Covestor Ltd grew its holdings in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the 4th quarter worth about $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PRIM shares. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. Piper Sandler started coverage on Primoris Services in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective for the company. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. KeyCorp lowered their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $84.75.

Primoris Services Price Performance

Shares of PRIM stock opened at $55.44 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $44.20 and a 12 month high of $90.86. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 18.36 and a beta of 1.17. The stock has a 50-day moving average price of $62.50 and a 200 day moving average price of $71.32.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.58%. Primoris Services's dividend payout ratio is currently 9.64%.

Primoris Services 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.

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