Tabor Asset Management LP Acquires 17,720 Shares of Primoris Services Co. (NASDAQ:PRIM)

Tabor Asset Management LP grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 46.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,168 shares of the construction company's stock after buying an additional 17,720 shares during the quarter. Primoris Services accounts for approximately 2.0% of Tabor Asset Management LP's investment portfolio, making the stock its 24th biggest holding. Tabor Asset Management LP owned 0.10% of Primoris Services worth $4,291,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PRIM. Vanguard Group Inc. raised its holdings in shares of Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after purchasing an additional 82,261 shares during the period. Invesco Ltd. raised its holdings in shares of 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 purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. raised 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 worth $101,628,000 after purchasing an additional 1,274,839 shares during the period. First Trust Advisors LP raised its holdings in shares of Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. Institutional investors own 91.82% of the company's stock.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company's 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 transaction, the director now owns 7,377 shares of the company's stock, valued at $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 in the last three months. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

PRIM has been the topic of a number of research reports. Piper Sandler lifted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. KeyCorp lifted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note 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 note on Wednesday, February 26th. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Price Performance

Shares of PRIM traded up $1.41 during mid-day trading on Friday, reaching $71.13. 792,995 shares of the stock traded hands, compared to its average volume of 772,262. The firm has a fifty day moving average price of $62.71 and a 200 day moving average price of $72.13. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 23.55 and a beta of 1.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 EPS. As a group, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

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.