Los Angeles Capital Management LLC Has $2.63 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Los Angeles Capital Management LLC increased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 779.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,469 shares of the construction company’s stock after purchasing an additional 30,550 shares during the period. Los Angeles Capital Management LLC owned about 0.06% of Primoris Services worth $2,633,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Creative Planning bought a new stake in Primoris Services in the 3rd quarter valued at $424,000. Blue Trust Inc. boosted its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the period. QRG Capital Management Inc. raised its position in Primoris Services by 4.2% in the third quarter. QRG Capital Management Inc. now owns 76,356 shares of the construction company’s stock worth $4,435,000 after purchasing an additional 3,108 shares in the last quarter. Finally, Hanseatic Management Services Inc. lifted its stake in Primoris Services by 4.6% during the third quarter. Hanseatic Management Services Inc. now owns 16,874 shares of the construction company’s stock worth $980,000 after purchasing an additional 741 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRIM has been the topic of several analyst reports. UBS Group upped 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. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and an average target price of $91.83.

Primoris Services Price Performance

Shares of PRIM stock opened at $71.79 on Friday. The stock’s fifty day moving average is $77.49 and its 200-day moving average is $69.76. 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 Co. has a 52 week low of $37.93 and a 52 week high of $90.86. The stock has a market capitalization of $3.86 billion, a PE ratio of 23.77 and a beta of 1.14.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio is presently 9.64%.

Insiders Place Their Bets

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.40% of the company’s stock.

Primoris Services Company 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.