KLP Kapitalforvaltning AS Invests $834,000 in Primoris Services Co. (NASDAQ:PRIM)

KLP Kapitalforvaltning AS bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,900 shares of the construction company’s stock, valued at approximately $834,000.

Several other hedge funds have also added to or reduced their stakes in PRIM. Arizona State Retirement System grew its stake in shares of Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after buying an additional 131 shares during the last quarter. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after purchasing an additional 268 shares during the period. HighTower Advisors LLC boosted its stake in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after purchasing an additional 268 shares during the period. Finally, Virtue Capital Management LLC boosted its stake in shares of Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the period. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. DA Davidson reiterated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Price Performance

PRIM stock opened at $57.39 on Tuesday. The firm has a 50-day moving average of $70.52 and a 200 day moving average of $71.69. 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 company has a market cap of $3.08 billion, a P/E ratio of 19.00 and a beta of 1.13. Primoris Services Co. has a 1 year low of $40.74 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is presently 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.