Redhawk Wealth Advisors Inc. Has $2.77 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Redhawk Wealth Advisors Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 6.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,294 shares of the construction company’s stock after purchasing an additional 2,045 shares during the period. Redhawk Wealth Advisors Inc. owned about 0.07% of Primoris Services worth $2,773,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Blue Trust Inc. grew its position in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Primoris Services by 24.2% during the 3rd 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 in the last quarter. Virtue Capital Management LLC grew its holdings in shares of Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares in the last quarter. KBC Group NV raised its stake in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares in the last quarter. Finally, Fulton Bank N.A. lifted its position in Primoris Services by 3.5% during the fourth quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock worth $918,000 after purchasing an additional 406 shares during the period. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRIM shares. DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. UBS Group raised their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Buy” and a consensus target price of $88.67.

Insider Buying and Selling at Primoris Services

In other news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now directly owns 7,908 shares of the company’s stock, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,018 shares of company stock valued at $1,854,974. 1.30% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

Primoris Services stock opened at $83.84 on Thursday. The business has a 50 day moving average of $80.44 and a 200-day moving average of $64.55. 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 1 year low of $32.13 and a 1 year high of $84.97. The company has a market capitalization of $4.50 billion, a P/E ratio of 27.76 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share. On average, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.38%. Primoris Services’s dividend payout ratio is presently 10.60%.

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.