Cornerstone Investment Partners LLC Increases Stake in Primoris Services Co. (NASDAQ:PRIM)

Cornerstone Investment Partners LLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,738 shares of the construction company’s stock after buying an additional 2,038 shares during the period. Cornerstone Investment Partners LLC’s holdings in Primoris Services were worth $591,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of Primoris Services in the 4th quarter valued at approximately $27,000. Nisa Investment Advisors LLC increased its position in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. Principal Securities Inc. increased its position 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 valued at $68,000 after purchasing an additional 343 shares during the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $59,000. Finally, TD Private Client Wealth LLC increased its position in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PRIM shares. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Finally, UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $91.83.

Primoris Services Stock Down 4.3 %

Shares of NASDAQ:PRIM opened at $68.62 on Tuesday. The stock has a market cap of $3.69 billion, a P/E ratio of 22.72 and a beta of 1.14. The firm has a fifty day moving average price of $77.31 and a 200 day moving average price of $70.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1-year low of $38.38 and a 1-year high of $90.86.

Primoris Services Announces Dividend

The firm also recently declared 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 yield of 0.47%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio 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.