Gilder Gagnon Howe & Co. LLC Purchases New Stake in Primoris Services Co. (NASDAQ:PRIM)

Gilder Gagnon Howe & Co. LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 31,691 shares of the construction company's stock, valued at approximately $2,421,000. Gilder Gagnon Howe & Co. LLC owned 0.06% of Primoris Services at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PRIM. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter valued at about $27,000. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% in 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 Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the period. Covestor Ltd grew its holdings in shares of Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $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 approximately $97,000. Institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PRIM shares. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. 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 research report on Wednesday, April 16th. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Guggenheim reissued a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $84.75.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated 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 directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by corporate insiders.

Primoris Services Stock Up 1.9 %

PRIM stock opened at $60.59 on Friday. The firm's 50-day moving average is $61.67 and its two-hundred day moving average is $71.28. 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 $3.27 billion, a price-to-earnings ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a 52 week low of $45.37 and a 52 week high of $90.86.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.53%. 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.

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