Apeiron RIA LLC Purchases Shares of 2,683 Primoris Services Co. (NASDAQ:PRIM)

Apeiron RIA LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 2,683 shares of the construction company’s stock, valued at approximately $205,000.

Other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board lifted its holdings in Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after purchasing an additional 23,200 shares in the last quarter. Sei Investments Co. raised its position in shares of Primoris Services by 23.1% in the second quarter. Sei Investments Co. now owns 32,103 shares of the construction company’s stock valued at $1,602,000 after buying an additional 6,022 shares during the last quarter. Xponance Inc. purchased a new position in shares of Primoris Services during the second quarter valued at approximately $254,000. Marshall Wace LLP acquired a new stake in Primoris Services during the second quarter worth approximately $28,089,000. Finally, Point72 DIFC Ltd grew its stake in Primoris Services by 27.1% in the 2nd quarter. Point72 DIFC Ltd now owns 6,558 shares of the construction company’s stock worth $327,000 after acquiring an additional 1,400 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the sale, the director now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, 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. Insiders sold 23,018 shares of company stock valued at $1,854,974 over the last quarter. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PRIM shares. Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $88.67.

Primoris Services Stock Down 1.7 %

Shares of NASDAQ:PRIM opened at $86.40 on Friday. The stock has a 50-day simple moving average of $81.37 and a 200-day simple moving average of $66.29. The stock has a market capitalization of $4.64 billion, a P/E ratio of 28.61 and a beta of 1.14. Primoris Services Co. has a 1 year low of $32.39 and a 1 year high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

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

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.37%. Primoris Services’s dividend payout ratio (DPR) is 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.