Redhawk Wealth Advisors Inc. Has $2.77 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Redhawk Wealth Advisors Inc. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 6.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,294 shares of the construction company’s stock after purchasing an additional 2,045 shares during the quarter. Redhawk Wealth Advisors Inc.’s holdings in Primoris Services were worth $2,773,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PRIM. Geode Capital Management LLC lifted its stake 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 buying an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC lifted its position in Primoris Services by 80.6% in the 3rd 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. Yaupon Capital Management LP boosted its stake in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Primoris Services during the 2nd quarter worth approximately $28,089,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Activity

In related news, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the sale, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 in the last 90 days. Insiders own 1.30% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $83.84 on Thursday. The company has a market capitalization of $4.50 billion, a P/E ratio of 27.76 and a beta of 1.14. The company’s 50-day moving average is $80.44 and its 200 day moving average is $64.55. 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 fifty-two week low of $32.13 and a fifty-two week high of $84.97.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) 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 company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $1.02 EPS. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. Primoris Services’s payout ratio is presently 10.60%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group upped 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. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, UBS Group upped 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. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus target price of $88.67.

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.