Nkcfo LLC Sells 4,408 Shares of Primoris Services Co. $PRIM

Nkcfo LLC lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 15.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,057 shares of the construction company’s stock after selling 4,408 shares during the period. Primoris Services comprises approximately 1.0% of Nkcfo LLC’s investment portfolio, making the stock its 25th biggest position. Nkcfo LLC’s holdings in Primoris Services were worth $3,304,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. SBI Securities Co. Ltd. grew its position in Primoris Services by 224.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares during the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Primoris Services during the second quarter valued at $34,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Primoris Services in the third quarter worth about $37,000. Cullen Frost Bankers Inc. purchased a new position in Primoris Services in the 3rd quarter worth about $37,000. Finally, McIlrath & Eck LLC increased its stake in Primoris Services by 109.8% in the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock worth $38,000 after buying an additional 145 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRIM shares. KeyCorp upped their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Cantor Fitzgerald assumed coverage on Primoris Services in a research note on Friday, January 23rd. They issued a “neutral” rating and a $160.00 price objective on the stock. Jefferies Financial Group restated a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson upped their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.93.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $166.01 on Tuesday. The firm has a 50 day moving average of $143.97 and a 200 day moving average of $132.69. 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 company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 54.97 and a beta of 1.37. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $174.43.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, 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 0.2%. The ex-dividend date is Tuesday, March 31st. Primoris Services’s dividend payout ratio is 6.31%.

Insider Transactions at Primoris Services

In other news, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the sale, the director directly owned 21,530 shares in the company, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 7,815 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the sale, the director directly owned 74,466 shares of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.40% of the stock is owned by company insiders.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.