Gilder Gagnon Howe & Co. LLC Acquires Shares of 31,691 Primoris Services Co. (NASDAQ:PRIM)

Gilder Gagnon Howe & Co. LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 31,691 shares of the construction company’s stock, valued at approximately $2,421,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after buying an additional 381,284 shares during the period. QRG Capital Management Inc. lifted its stake in Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after acquiring an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after acquiring an additional 22,223 shares during the period. AMI Asset Management Corp grew its stake in Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the fourth quarter worth approximately $48,851,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 0.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRIM has been the topic of several research reports. Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. Piper Sandler initiated coverage on Primoris Services in a research note on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price target for the company. Finally, KeyCorp reduced their price target on Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $84.75.

Primoris Services Price Performance

NASDAQ PRIM opened at $60.59 on Friday. The firm has a market cap of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. The stock’s 50-day moving average is $61.67 and its two-hundred day moving average is $71.28. Primoris Services Co. has a fifty-two week low of $45.37 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.53%. 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.