Primoris Services Co. (NASDAQ:PRIM) is Phocas Financial Corp.’s 3rd Largest Position

Phocas Financial Corp. trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 87.8% during the 4th quarter, Holdings Channel reports. The firm owned 34,383 shares of the construction company’s stock after selling 246,672 shares during the period. Primoris Services comprises 2.0% of Phocas Financial Corp.’s investment portfolio, making the stock its 3rd biggest position. Phocas Financial Corp.’s holdings in Primoris Services were worth $2,627,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PRIM. Los Angeles Capital Management LLC boosted its stake in Primoris Services by 779.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 34,469 shares of the construction company’s stock worth $2,633,000 after purchasing an additional 30,550 shares during the period. Ieq Capital LLC purchased a new stake in Primoris Services in the 4th quarter worth $237,000. Alberta Investment Management Corp lifted its stake in Primoris Services by 21.5% in the 4th quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company’s stock worth $5,376,000 after purchasing an additional 12,475 shares in the last quarter. Convergence Investment Partners LLC grew its holdings in Primoris Services by 50.7% during the 4th quarter. Convergence Investment Partners LLC now owns 24,463 shares of the construction company’s stock valued at $1,869,000 after buying an additional 8,235 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $143,000. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRIM. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. The Goldman Sachs Group increased their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. One equities research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $91.50.

Primoris Services Trading Up 9.7 %

NASDAQ:PRIM opened at $70.54 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. The firm has a 50-day simple moving average of $77.76 and a 200-day simple moving average of $69.72. Primoris Services Co. has a one year low of $37.00 and a one year high of $90.86. The firm has a market cap of $3.79 billion, a P/E ratio of 23.36 and a beta of 1.14.

Primoris Services Dividend Announcement

The business also recently disclosed 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 10.60%.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by insiders.

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.