12th Street Asset Management Company LLC Buys 7,495 Shares of Primoris Services Co. (NASDAQ:PRIM)

12th Street Asset Management Company LLC lifted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,905 shares of the construction company’s stock after acquiring an additional 7,495 shares during the quarter. Primoris Services makes up approximately 3.6% of 12th Street Asset Management Company LLC’s holdings, making the stock its 14th largest holding. 12th Street Asset Management Company LLC owned about 0.52% of Primoris Services worth $21,538,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter worth about $27,000. Millburn Ridgefield Corp bought a new position in Primoris Services during the 3rd quarter worth $59,000. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares in the last quarter. Principal Securities Inc. lifted its position in 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 period. Finally, TD Private Client Wealth LLC boosted its position in shares of 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 acquiring an additional 230 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Primoris Services stock opened at $65.16 on Friday. Primoris Services Co. has a 1 year low of $39.63 and a 1 year high of $90.86. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 21.58 and a beta of 1.13. The firm has a 50-day moving average of $75.15 and a two-hundred day moving average of $70.64. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.49%. Primoris Services’s dividend payout ratio (DPR) is 9.64%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday. They issued a “buy” rating and a $73.00 price target for the company. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One investment 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 MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $89.14.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated 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 sale, the insider now 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. 1.40% 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.