Horizon Investment Services LLC Raises Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Horizon Investment Services LLC increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 117.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,763 shares of the construction company's stock after acquiring an additional 9,588 shares during the quarter. Horizon Investment Services LLC's holdings in Primoris Services were worth $1,357,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PRIM. USA Financial Formulas purchased a new stake in shares of Primoris Services in the fourth quarter worth approximately $27,000. Millburn Ridgefield Corp bought a new position in Primoris Services in the 3rd quarter valued at $59,000. Farther Finance Advisors LLC increased 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 worth $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. lifted its position in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of Primoris Services by 24.2% during the third 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 during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Up 3.2 %

NASDAQ PRIM traded up $1.84 during midday trading on Wednesday, hitting $59.41. 174,307 shares of the company traded hands, compared to its average volume of 700,127. Primoris Services Co. has a 52 week low of $40.74 and a 52 week high of $90.86. The company's 50-day simple moving average is $69.89 and its 200-day simple moving average is $71.71. The company has a market cap of $3.19 billion, a PE ratio of 19.67 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

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Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.54%. Primoris Services's payout ratio is 9.64%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Guggenheim began coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Jefferies Financial Group assumed 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 restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $89.14.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on 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. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % 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 worth $4,310,043 over the last three months. Corporate insiders own 0.90% of the company's stock.

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.