Phocas Financial Corp. Has $2.63 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Phocas Financial Corp. lowered its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 87.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,383 shares of the construction company's stock after selling 246,672 shares during the period. Primoris Services accounts for 2.0% of Phocas Financial Corp.'s holdings, making the stock its 3rd largest holding. Phocas Financial Corp. owned approximately 0.06% of Primoris Services worth $2,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. Geode Capital Management LLC lifted its holdings 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 period. Summit Partners Public Asset Management LLC lifted its holdings in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after purchasing an additional 374,926 shares during the period. Yaupon Capital Management LP lifted its holdings in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after purchasing an additional 154,627 shares during the period. Congress Asset Management Co. acquired a new position in shares of Primoris Services during the fourth quarter worth $48,851,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after purchasing an additional 91,235 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Remove Ads

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares of the company's stock, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Primoris Services Stock Down 0.0 %

PRIM traded down $0.03 during midday trading on Friday, hitting $71.68. The company had a trading volume of 1,484,750 shares, compared to its average volume of 862,645. Primoris Services Co. has a 52 week low of $38.38 and a 52 week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 23.74 and a beta of 1.14. The stock's 50 day moving average price is $77.49 and its 200 day moving average price is $69.76.

Primoris Services Dividend Announcement

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 paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

Analyst Ratings Changes

A number of equities analysts have recently commented 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 target on the stock. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday. UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday. Finally, The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. One 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 company's stock. Based on data from MarketBeat.com, Primoris Services has an average rating of "Buy" and a consensus price target of $91.83.

About Primoris Services

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.