Yorktown Management & Research Co Inc Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Yorktown Management & Research Co Inc purchased a new position in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 4,100 shares of the construction company’s stock, valued at approximately $313,000.

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

Primoris Services Stock Performance

PRIM stock opened at $75.15 on Wednesday. The company has a market capitalization of $4.04 billion, a P/E ratio of 24.88 and a beta of 1.14. The company has a 50-day simple moving average of $80.28 and a 200 day simple moving average of $67.61. Primoris Services Co. has a fifty-two week low of $33.40 and a fifty-two 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.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group raised 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. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. Finally, The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. One 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. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $91.50.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were 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 in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction 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 $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,018 shares of company stock valued at $1,702,694. 1.30% of the stock is owned by insiders.

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.