QRG Capital Management Inc. Acquires 4,623 Shares of Primoris Services Co. (NASDAQ:PRIM)

QRG Capital Management Inc. increased its stake in Primoris Services Co. (NASDAQ:PRIM) by 6.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,979 shares of the construction company’s stock after purchasing an additional 4,623 shares during the period. QRG Capital Management Inc. owned approximately 0.15% of Primoris Services worth $6,187,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Congress Asset Management Co. purchased a new position in shares of Primoris Services in the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC grew its position in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after acquiring an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after purchasing an additional 208,920 shares during the period. Yaupon Capital Management LP lifted its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRIM. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday. Finally, Guggenheim initiated coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. 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 stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $91.83.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $71.68 on Friday. The stock has a market cap of $3.85 billion, a PE ratio of 23.74 and a beta of 1.14. Primoris Services Co. has a 1 year low of $38.38 and a 1 year high of $90.86. The firm has a fifty day moving average price of $77.49 and a 200-day moving average price of $69.76. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

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.