USA Financial Formulas Purchases Shares of 347 Primoris Services Co. (NASDAQ:PRIM)

USA Financial Formulas acquired a new position in Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 347 shares of the construction company’s stock, valued at approximately $27,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Blue Trust Inc. increased its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. TD Private Client Wealth LLC grew its holdings in shares of Primoris Services by 24.2% in the third 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 during the last quarter. Virtue Capital Management LLC increased its stake in shares of Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares during the period. KBC Group NV raised its holdings in Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares during the last quarter. Finally, Fulton Bank N.A. boosted its position in Primoris Services by 3.5% during the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock valued at $918,000 after buying an additional 406 shares during the period. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.7 %

PRIM opened at $85.02 on Friday. The stock has a market cap of $4.57 billion, a PE ratio of 28.15 and a beta of 1.14. The business has a 50 day moving average of $80.61 and a 200-day moving average of $64.94. Primoris Services Co. has a 52 week low of $32.13 and a 52 week high of $86.20. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is currently 10.60%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRIM. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, DA Davidson lifted their price target 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. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $88.67.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.30% of the company’s stock.

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.