Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Hilton Capital Management LLC

Hilton Capital Management LLC trimmed its holdings in Primoris Services Co. (NASDAQ:PRIM) by 12.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 42,232 shares of the construction company’s stock after selling 6,164 shares during the period. Hilton Capital Management LLC owned approximately 0.08% of Primoris Services worth $3,227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in shares of Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after buying an additional 15,710 shares during the period. Atria Investments Inc lifted its stake in shares of Primoris Services by 12.7% in the 3rd quarter. Atria Investments Inc now owns 14,944 shares of the construction company’s stock worth $868,000 after acquiring an additional 1,684 shares during the period. State of New Jersey Common Pension Fund D increased its position in Primoris Services by 4.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 35,863 shares of the construction company’s stock worth $2,083,000 after purchasing an additional 1,624 shares during the period. Versor Investments LP lifted its holdings in Primoris Services by 116.1% in the third quarter. Versor Investments LP now owns 12,100 shares of the construction company’s stock valued at $703,000 after acquiring an additional 6,500 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Primoris Services during the third quarter worth about $482,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRIM. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday. They issued a “buy” rating and a $73.00 price target for the company. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Finally, DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $89.14.

Primoris Services Trading Down 0.8 %

Shares of PRIM opened at $65.16 on Friday. 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 Co. has a 12-month low of $39.63 and a 12-month high of $90.86. The firm has a market capitalization of $3.50 billion, a PE ratio of 21.58 and a beta of 1.13. The stock’s fifty day simple moving average is $75.15 and its 200-day simple moving average is $70.64.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.49%. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

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.