Aptus Capital Advisors LLC Takes $7.49 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Aptus Capital Advisors LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 98,016 shares of the construction company’s stock, valued at approximately $7,488,000. Aptus Capital Advisors LLC owned about 0.18% of Primoris Services as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after buying an additional 381,284 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after acquiring an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock worth $3,514,000 after purchasing an additional 19,530 shares during the period. Harbor Capital Advisors Inc. grew 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 purchasing an additional 22,223 shares in the last quarter. Finally, AMI Asset Management Corp raised 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 purchasing an additional 6,350 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of PRIM opened at $66.17 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 $45.92 and a 12 month high of $90.86. The company’s fifty day moving average is $61.14 and its 200-day moving average is $71.34. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 21.91 and a beta of 1.33.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.48%. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This 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 quarter. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRIM. 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, February 26th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. Piper Sandler began coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective on the stock. Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Finally, KeyCorp lowered their price target on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $84.75.

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.