Inspire Investing LLC Purchases 8,443 Shares of Primoris Services Co. (NASDAQ:PRIM)

Inspire Investing LLC grew its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 118.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,554 shares of the construction company's stock after purchasing an additional 8,443 shares during the period. Inspire Investing LLC's holdings in Primoris Services were worth $1,188,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at about $27,000. Nisa Investment Advisors LLC raised its stake in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after acquiring an additional 197 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in Primoris Services during the 3rd quarter worth approximately $59,000. Finally, TD Private Client Wealth LLC increased its holdings in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares of the company's stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is currently owned by company insiders.

Primoris Services Trading Down 1.7 %

Shares of NASDAQ PRIM traded down $1.52 during mid-day trading on Friday, hitting $86.40. The company's stock had a trading volume of 518,403 shares, compared to its average volume of 558,954. Primoris Services Co. has a one year low of $32.39 and a one year high of $90.86. The company's fifty day simple moving average is $81.21 and its 200-day simple moving average is $66.03. 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 stock has a market cap of $4.64 billion, a price-to-earnings ratio of 28.61 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during 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 business's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 EPS. On average, sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio (DPR) is 10.60%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an "overweight" rating and a $71.00 target price on the stock. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. UBS Group increased their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, 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.