1060 Capital LLC Makes New $6.49 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

1060 Capital LLC purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 85,000 shares of the construction company's stock, valued at approximately $6,494,000. Primoris Services comprises approximately 12.9% of 1060 Capital LLC's portfolio, making the stock its 4th biggest holding. 1060 Capital LLC owned approximately 0.16% of Primoris Services as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of the company. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter valued at $27,000. Farther Finance Advisors LLC raised its holdings in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. lifted its position in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd increased its position in shares of Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after acquiring an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the fourth quarter valued at about $97,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction that occurred on 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 owns 7,377 shares of the company's stock, valued at $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. Insiders own 1.40% of the company's stock.

Primoris Services Price Performance

PRIM stock opened at $64.14 on Friday. Primoris Services Co. has a 1 year low of $45.69 and a 1 year high of $90.86. The firm has a market capitalization of $3.46 billion, a P/E ratio of 21.24 and a beta of 1.17. 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 business's 50-day moving average is $61.23 and its two-hundred day moving average is $71.23.

Primoris Services Announces Dividend

The company also recently declared 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. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analysts Forecast Growth

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

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.

Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Co. (NASDAQ:PRIM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.