PNC Financial Services Group Inc. Buys 268 Shares of Primoris Services Co. (NASDAQ:PRIM)

PNC Financial Services Group Inc. lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,611 shares of the construction company’s stock after purchasing an additional 268 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Primoris Services were worth $505,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PRIM. USA Financial Formulas acquired a new stake in shares of Primoris Services during the fourth quarter worth 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 Trading Up 1.6 %

Shares of Primoris Services stock opened at $64.66 on Thursday. Primoris Services Co. has a 12-month low of $39.79 and a 12-month high of $90.86. The stock has a market cap of $3.48 billion, a P/E ratio of 21.41 and a beta of 1.13. 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 is $73.78 and its 200-day moving average is $70.98.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 9.64%.

Analysts Set New Price Targets

PRIM has been the topic of a number of research analyst reports. 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. JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. Finally, Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. One 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 stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and an average price target of $89.14.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

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.