Tabor Asset Management LP Has $4.29 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Tabor Asset Management LP boosted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 46.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,168 shares of the construction company's stock after purchasing an additional 17,720 shares during the quarter. Primoris Services makes up about 2.0% of Tabor Asset Management LP's investment portfolio, making the stock its 24th largest holding. Tabor Asset Management LP owned about 0.10% of Primoris Services worth $4,291,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PRIM. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after buying an additional 1,274,839 shares during the period. Congress Asset Management Co. bought a new position in Primoris Services in the fourth quarter worth about $48,851,000. Invesco Ltd. boosted its stake in Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of 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 purchasing an additional 381,284 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Primoris Services during the fourth quarter valued at approximately $22,636,000. Institutional investors own 91.82% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on PRIM. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler boosted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. KeyCorp increased their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. 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 report on Wednesday, February 26th. Finally, Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $4.87 during midday trading on Thursday, reaching $69.63. 1,407,469 shares of the company traded hands, compared to its average volume of 769,512. The stock has a 50-day moving average price of $62.45 and a 200 day moving average price of $72.11. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 23.06 and a beta of 1.33. 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 Co. has a 52 week low of $45.92 and a 52 week high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period last year, the firm posted $0.47 earnings per share. The business's revenue was up 16.7% on a year-over-year basis. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the stock in a transaction 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 completion of the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 1.40% of the company's stock.

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.