Xponance Inc. Purchases 486 Shares of Primoris Services Co. (NASDAQ:PRIM)

Xponance Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 11.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,849 shares of the construction company’s stock after buying an additional 486 shares during the period. Xponance Inc.’s holdings in Primoris Services were worth $370,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas bought a new position in Primoris Services in the 4th quarter valued at $27,000. Millburn Ridgefield Corp purchased a new position in shares of Primoris Services during the third quarter worth approximately $59,000. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares during the period. Finally, TD Private Client Wealth LLC grew 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 buying an additional 230 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of PRIM opened at $60.93 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company’s fifty day moving average price is $72.16 and its 200-day moving average price is $71.41. Primoris Services Co. has a 1-year low of $40.74 and a 1-year high of $90.86. The firm has a market capitalization of $3.27 billion, a PE ratio of 20.18 and a beta of 1.13.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.53%. Primoris Services’s dividend payout ratio is currently 9.64%.

Insider Buying and Selling

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were 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 represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated 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 completion of 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 trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent research reports. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. 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 target on the stock. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Buy” and an average target price of $89.14.

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.