Counterpoint Mutual Funds LLC Raises Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Counterpoint Mutual Funds LLC boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 337.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 19,509 shares of the construction company's stock after buying an additional 15,053 shares during the period. Primoris Services makes up approximately 0.2% of Counterpoint Mutual Funds LLC's holdings, making the stock its 29th largest holding. Counterpoint Mutual Funds LLC's holdings in Primoris Services were worth $1,490,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PRIM. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter valued at $27,000. Farther Finance Advisors LLC boosted its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. boosted its position in 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 buying an additional 343 shares during the period. Millburn Ridgefield Corp bought a new position in Primoris Services in the 3rd quarter worth about $59,000. Finally, TD Private Client Wealth LLC increased its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

A number of analysts recently issued reports on PRIM shares. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target on the stock. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective for the company. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. One equities research 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. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $89.14.

Insiders Place Their Bets

In related 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 value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Stock Down 1.2 %

Shares of NASDAQ:PRIM traded down $0.76 during trading on Friday, reaching $63.68. The stock had a trading volume of 1,349,939 shares, compared to its average volume of 660,625. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13. The firm's 50-day simple moving average is $73.50 and its 200 day simple moving average is $70.93. Primoris Services Co. has a one year low of $40.66 and a one year high of $90.86.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is presently 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.