Harbor Capital Advisors Inc. Has $1.71 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Harbor Capital Advisors Inc. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12,845.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,396 shares of the construction company's stock after acquiring an additional 22,223 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Primoris Services were worth $1,711,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its stake in shares of Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company's stock valued at $746,000 after purchasing an additional 294 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Primoris Services during the second quarter worth about $206,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Primoris Services during the second quarter worth approximately $1,708,000. American Century Companies Inc. raised its stake in shares of Primoris Services by 33.0% in the second quarter. American Century Companies Inc. now owns 129,472 shares of the construction company's stock valued at $6,459,000 after acquiring an additional 32,096 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in shares of Primoris Services in the 2nd quarter worth approximately $396,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Trading Up 2.0 %

NASDAQ PRIM traded up $1.55 during trading hours on Monday, hitting $79.09. The company's stock had a trading volume of 465,899 shares, compared to its average volume of 449,132. The stock has a fifty day moving average of $79.87 and a 200 day moving average of $63.99. 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 twelve month low of $32.13 and a twelve month high of $84.97. The firm has a market capitalization of $4.25 billion, a P/E ratio of 26.19 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 15.23% and a net margin of 2.68%. The firm's revenue was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.02 EPS. Equities research analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services's dividend payout ratio (DPR) is currently 10.60%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares of the company's stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 in the last 90 days. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective for the company. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. One investment 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 data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $88.67.

Primoris Services Company 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.