KLP Kapitalforvaltning AS Buys Shares of 10,900 Primoris Services Co. (NASDAQ:PRIM)

KLP Kapitalforvaltning AS purchased a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,900 shares of the construction company's stock, valued at approximately $834,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Geode Capital Management LLC raised its stake in shares of Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock worth $70,810,000 after purchasing an additional 15,070 shares during the last quarter. Yaupon Capital Management LP increased its stake in Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after buying an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. raised its position in Primoris Services by 14.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company's stock worth $52,942,000 after buying an additional 85,943 shares during the last quarter. Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the 4th quarter worth $48,851,000. Finally, Boston Partners boosted its holdings in shares of Primoris Services by 4.5% in the fourth quarter. Boston Partners now owns 496,702 shares of the construction company's stock valued at $39,204,000 after acquiring an additional 21,409 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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Primoris Services Price Performance

NASDAQ:PRIM traded down $2.49 during mid-day trading on Friday, hitting $52.75. 1,172,317 shares of the company's stock traded hands, compared to its average volume of 703,200. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. The firm's 50 day simple moving average is $67.99 and its 200 day simple moving average is $71.60. Primoris Services Co. has a 1 year low of $42.82 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.61%. The ex-dividend date is Monday, March 31st. Primoris Services's payout ratio is 9.64%.

Insider Transactions at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, 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. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last three months. 0.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PRIM. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a "buy" rating and a $102.00 price target on the stock. JPMorgan Chase & Co. raised their price objective 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. Finally, KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $89.14.

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.