Edgestream Partners L.P. Buys Shares of 14,937 Primoris Services Co. (NASDAQ:PRIM)

Edgestream Partners L.P. bought a new stake in Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,937 shares of the construction company’s stock, valued at approximately $1,141,000.

Other hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at about $27,000. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services during the third quarter worth about $59,000. Principal Securities Inc. raised its position in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares during the period. TD Private Client Wealth LLC raised its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the fourth quarter worth about $97,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Up 6.5 %

Shares of Primoris Services stock opened at $64.43 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 business’s 50 day simple moving average is $75.60 and its 200 day simple moving average is $70.62. The firm has a market cap of $3.46 billion, a PE ratio of 21.33 and a beta of 1.13. Primoris Services Co. has a 52-week low of $39.63 and a 52-week high of $90.86.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid 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 0.50%. Primoris Services’s dividend payout ratio is 9.64%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred 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 transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of research analyst reports. UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday. They set a “buy” rating and a $73.00 price target on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Guggenheim assumed coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Primoris Services presently has a consensus rating of “Buy” and an average target price of $89.14.

Primoris Services 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.