Farringdon Capital Ltd. Makes New $510,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Farringdon Capital Ltd. bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 6,676 shares of the construction company's stock, valued at approximately $510,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alliancebernstein L.P. lifted its stake in Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. bought a new position in shares of Primoris Services during the 4th quarter worth $48,851,000. Invesco Ltd. increased its holdings in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after acquiring an additional 430,589 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares during the period. Finally, Norges Bank purchased a new stake in Primoris Services during the fourth quarter valued at about $22,636,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business'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 transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last three months. 0.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PRIM shares. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler began coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target on the stock. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. One investment 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's stock. According to MarketBeat, Primoris Services has a consensus rating of "Buy" and a consensus price target of $84.75.

Primoris Services Trading Up 5.6 %

Shares of NASDAQ PRIM traded up $3.10 during midday trading on Wednesday, reaching $58.54. The company had a trading volume of 178,966 shares, compared to its average volume of 720,335. The stock has a market cap of $3.16 billion, a PE ratio of 19.38 and a beta of 1.17. Primoris Services Co. has a one year low of $44.20 and a one year high of $90.86. The firm's fifty day moving average price is $62.50 and its 200-day moving average price is $71.32. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio is 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.