Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Horizon Investment Services LLC

Horizon Investment Services LLC raised its position in Primoris Services Co. (NASDAQ:PRIM) by 117.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,763 shares of the construction company’s stock after purchasing an additional 9,588 shares during the quarter. Horizon Investment Services LLC’s holdings in Primoris Services were worth $1,357,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PRIM. Vanguard Group Inc. grew its position in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after buying an additional 82,261 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC boosted its holdings in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after acquiring an additional 374,926 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after acquiring an additional 381,284 shares during the period. Finally, Yaupon Capital Management LP lifted its position in Primoris Services by 28.4% in 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. Institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction 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 sale, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Stock Down 0.5 %

Shares of NASDAQ:PRIM opened at $57.27 on Friday. The company has a market cap of $3.08 billion, a PE ratio of 18.96 and a beta of 1.13. The firm has a 50 day simple moving average of $71.07 and a 200 day simple moving average of $71.38. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52 week low of $40.74 and a 52 week high of $90.86.

Primoris Services Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. Primoris Services’s payout ratio is presently 9.64%.

Analyst Upgrades and Downgrades

PRIM has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. JPMorgan Chase & Co. boosted their price target 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. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target 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.