Bolthouse Investments LLC Acquires Shares of 135,000 Primoris Services Co. (NASDAQ:PRIM)

Bolthouse Investments LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 135,000 shares of the construction company's stock, valued at approximately $10,314,000. Primoris Services makes up 9.5% of Bolthouse Investments LLC's investment portfolio, making the stock its 2nd largest holding. Bolthouse Investments LLC owned approximately 0.25% of Primoris Services at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PRIM. Barclays PLC grew its holdings in shares of Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after purchasing an additional 81,111 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Primoris Services by 45.0% in the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock valued at $2,940,000 after purchasing an additional 15,710 shares in the last quarter. Oliver Luxxe Assets LLC grew its holdings in shares of Primoris Services by 2.6% in the fourth quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company's stock valued at $2,403,000 after purchasing an additional 785 shares in the last quarter. Fulton Bank N.A. grew its holdings in shares of Primoris Services by 3.5% in the fourth quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after purchasing an additional 406 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The shares were 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 owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction on 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 of the company's stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRIM. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler started coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. KeyCorp lowered their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $84.75.

Primoris Services Stock Up 1.2 %

Shares of Primoris Services stock traded up $0.75 during trading hours on Monday, hitting $61.30. The company had a trading volume of 540,445 shares, compared to its average volume of 726,856. The company's 50-day moving average is $61.47 and its two-hundred day moving average is $71.36. Primoris Services Co. has a twelve month low of $45.37 and a twelve month 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 company has a market cap of $3.30 billion, a P/E ratio of 20.30 and a beta of 1.17.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.52%. Primoris Services's dividend payout ratio (DPR) is 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.