Bolthouse Investments LLC Acquires Shares of 135,000 Primoris Services Co. (NASDAQ:PRIM)

Bolthouse Investments LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 135,000 shares of the construction company's stock, valued at approximately $10,314,000. Primoris Services makes up about 9.5% of Bolthouse Investments LLC's investment portfolio, making the stock its 2nd biggest position. Bolthouse Investments LLC owned 0.25% of Primoris Services at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PRIM. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at $27,000. Farther Finance Advisors LLC lifted its position in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the period. Principal Securities Inc. grew its holdings in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. Covestor Ltd increased its stake in Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Primoris Services during the fourth quarter worth $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on 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 directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the firm's 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. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRIM shares. KeyCorp lowered their price objective on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler began coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective on the stock. 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. Finally, Guggenheim reissued a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $84.75.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $3.62 during mid-day trading on Thursday, hitting $63.59. 678,632 shares of the company's stock traded hands, compared to its average volume of 729,803. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $61.23 and a two-hundred day moving average of $71.21. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 21.08 and a beta of 1.17. Primoris Services Co. has a 12 month low of $45.37 and a 12 month high of $90.86.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid 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 0.50%. Primoris Services's dividend payout ratio 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.