Sanctuary Advisors LLC Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Sanctuary Advisors LLC increased its position in Primoris Services Co. (NASDAQ:PRIM) by 13.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,486 shares of the construction company’s stock after acquiring an additional 746 shares during the quarter. Sanctuary Advisors LLC’s holdings in Primoris Services were worth $500,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PRIM. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after purchasing an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC raised its position in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares in the last quarter. Yaupon Capital Management LP raised its position in shares of Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares in the last quarter. Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter valued at $48,851,000. Finally, Charles Schwab Investment Management Inc. grew its position in 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 worth $35,255,000 after buying an additional 91,235 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. One equities 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. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $91.83.

Primoris Services Stock Down 0.0 %

Shares of PRIM opened at $71.68 on Friday. The firm has a market cap of $3.85 billion, a P/E 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 stock has a 50 day simple moving average of $77.31 and a two-hundred day simple moving average of $70.01. 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 announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were 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 directly owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

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.