Dakota Wealth Management Acquires Shares of 7,053 Primoris Services Co. (NASDAQ:PRIM)

Dakota Wealth Management purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,053 shares of the construction company's stock, valued at approximately $539,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC increased its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP raised its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Primoris Services by 12.6% during the third quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company's stock worth $15,205,000 after buying an additional 29,200 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Down 1.7 %

NASDAQ:PRIM traded down $1.52 during mid-day trading on Friday, hitting $86.40. The stock had a trading volume of 518,403 shares, compared to its average volume of 524,177. Primoris Services Co. has a twelve month low of $32.39 and a twelve month high of $90.86. The stock has a 50-day simple moving average of $81.37 and a two-hundred day simple moving average of $66.54. 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 $4.64 billion, a PE ratio of 28.61 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue was up 7.8% on a year-over-year basis. During the same period last year, the business earned $1.02 EPS. On average, equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio is presently 10.60%.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the business's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares of the company's stock, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,018 shares of company stock valued at $1,854,974. Corporate insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. The Goldman Sachs Group boosted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective for the company. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Finally, Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 target price on the stock. One equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $88.67.

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.