Edgestream Partners L.P. Invests $1.14 Million in Primoris Services Co. (NASDAQ:PRIM)

Edgestream Partners L.P. bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 14,937 shares of the construction company’s stock, valued at approximately $1,141,000.

Several other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System lifted its holdings in Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 131 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings 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 purchasing an additional 230 shares during the last quarter. Virtue Capital Management LLC lifted its holdings in Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the last quarter. Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% during the 4th 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 last quarter. Finally, USA Financial Formulas acquired a new stake in Primoris Services during the 4th quarter worth approximately $27,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PRIM shares. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. One 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $89.14.

Insider Transactions at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Primoris Services Price Performance

Primoris Services stock opened at $64.43 on Wednesday. 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 $39.63 and a 52 week high of $90.86. The stock has a market capitalization of $3.46 billion, a P/E ratio of 21.33 and a beta of 1.13. The stock has a fifty day moving average of $75.60 and a 200-day moving average of $70.62.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued 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 dividend yield of 0.50%. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Primoris Services Company 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.