Dana Investment Advisors Inc. Cuts Holdings in Primoris Services Co. (NASDAQ:PRIM)

Dana Investment Advisors Inc. decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 17.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 173,452 shares of the construction company’s stock after selling 37,227 shares during the period. Dana Investment Advisors Inc. owned about 0.32% of Primoris Services worth $13,252,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in 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 increased its holdings in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares in the last quarter. Yaupon Capital Management LP increased its stake in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after purchasing an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Primoris Services by 14.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock worth $52,942,000 after purchasing an additional 85,943 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services during the fourth quarter worth about $48,851,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of research reports. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. boosted their target price 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. The Goldman Sachs Group boosted 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. Finally, KeyCorp initiated 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $91.83.

Primoris Services Stock Up 2.5 %

Shares of NASDAQ PRIM opened at $68.45 on Thursday. Primoris Services Co. has a 12-month low of $38.42 and a 12-month high of $90.86. The stock has a market cap of $3.68 billion, a PE ratio of 22.66 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $76.81 and a 200 day moving average of $70.32.

Primoris Services Dividend Announcement

The firm 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. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.47%. Primoris Services’s dividend payout ratio is presently 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.