Harvest Investment Services LLC Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Harvest Investment Services LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, HoldingsChannel reports. The firm acquired 11,095 shares of the construction company’s stock, valued at approximately $848,000.

Several other institutional investors have also added to or reduced their stakes in the stock. USA Financial Formulas bought a new stake in shares of Primoris Services in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC raised its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. raised its position in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd boosted its position in Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after acquiring an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services during the 4th quarter worth approximately $97,000. 91.82% of the stock is owned by institutional investors.

Insider Buying and Selling at Primoris Services

In related news, 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 completion of the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last quarter. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on PRIM shares. KeyCorp reduced their target price on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. raised 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 reaffirmed a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Piper Sandler assumed coverage on Primoris Services in a research report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price target for the company. Finally, DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $84.75.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $55.44 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $62.50 and its two-hundred day moving average price is $71.32. The company has a market cap of $2.99 billion, a PE ratio of 18.36 and a beta of 1.17. Primoris Services Co. has a twelve month low of $44.20 and a twelve month high of $90.86.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) 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.