Aptus Capital Advisors LLC Takes $7.49 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Aptus Capital Advisors LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 98,016 shares of the construction company’s stock, valued at approximately $7,488,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC increased its holdings in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after purchasing an additional 81,111 shares during the period. Principal Financial Group Inc. increased its stake in Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock valued at $2,940,000 after acquiring an additional 15,710 shares during the period. Oliver Luxxe Assets LLC increased its stake in Primoris Services by 2.6% during the fourth quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company’s stock valued at $2,403,000 after acquiring an additional 785 shares during the period. Fulton Bank N.A. lifted its position in shares of Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock worth $918,000 after acquiring an additional 406 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Primoris Services by 12,845.7% during the 4th 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. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 3.6 %

NASDAQ PRIM opened at $66.17 on Friday. The stock’s 50 day simple moving average is $61.14 and its 200 day simple moving average is $71.34. 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 Co. has a one year low of $45.92 and a one year high of $90.86. The firm has a market cap of $3.57 billion, a PE ratio of 21.91 and a beta of 1.33.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.48%. Primoris Services’s dividend payout ratio (DPR) is 9.64%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PRIM. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Piper Sandler started coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. Guggenheim reissued a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp cut their price target on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $84.75.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. 1.40% of the stock is currently owned by insiders.

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.