Inspire Investing LLC Purchases 8,443 Shares of Primoris Services Co. (NASDAQ:PRIM)

Inspire Investing LLC lifted its position in Primoris Services Co. (NASDAQ:PRIM) by 118.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,554 shares of the construction company’s stock after buying an additional 8,443 shares during the period. Inspire Investing LLC’s holdings in Primoris Services were worth $1,188,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC lifted its holdings in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Yaupon Capital Management LP grew its position in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Primoris Services during the 2nd quarter worth approximately $28,089,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRIM. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $88.67.

Primoris Services Trading Up 0.1 %

Primoris Services stock opened at $88.03 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50-day moving average of $81.21 and a 200-day moving average of $66.03. The company has a market cap of $4.73 billion, a price-to-earnings ratio of 24.57 and a beta of 1.14. Primoris Services Co. has a one year low of $32.13 and a one year high of $90.86.

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

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.36%. 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. Primoris Services’s payout ratio is presently 10.60%.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is currently owned by corporate 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.