Primoris Services Co. (NASDAQ:PRIM) Stock Holdings Reduced by Jackson Creek Investment Advisors LLC

Jackson Creek Investment Advisors LLC reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 30.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,290 shares of the construction company’s stock after selling 8,335 shares during the period. Jackson Creek Investment Advisors LLC’s holdings in Primoris Services were worth $1,474,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRIM. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter valued at $27,000. Nisa Investment Advisors LLC raised its stake 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 acquiring an additional 584 shares in the last quarter. Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% in the 4th 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 last quarter. Millburn Ridgefield Corp bought a new stake in Primoris Services during the third quarter worth approximately $59,000. Finally, TD Private Client Wealth LLC grew its holdings in 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 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.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

PRIM has been the subject of a number of analyst reports. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus target price of $91.83.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $63.40 on Friday. The firm has a fifty day moving average price of $76.21 and a two-hundred day moving average price of $70.26. Primoris Services Co. has a fifty-two week low of $39.63 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $3.41 billion, a PE ratio of 20.99 and a beta of 1.14.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

About Primoris Services

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.