Townsquare Capital LLC Invests $2.66 Million in Primoris Services Co. (NASDAQ:PRIM)

Townsquare Capital LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 34,753 shares of the construction company’s stock, valued at approximately $2,655,000. Townsquare Capital LLC owned 0.06% of Primoris Services at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PRIM. JPMorgan Chase & Co. grew its holdings in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the period. QRG Capital Management Inc. increased its holdings in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after purchasing an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after purchasing an additional 22,223 shares in the last quarter. AMI Asset Management Corp boosted its holdings in shares of Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $48,851,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

Shares of PRIM opened at $57.75 on Wednesday. The stock has a 50 day moving average of $64.61 and a 200 day moving average of $71.39. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Analyst Upgrades and Downgrades

PRIM has been the subject of several research analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Piper Sandler started coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 price target for the company. DA Davidson reiterated a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $88.38.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 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.