Townsquare Capital LLC Acquires New Holdings in Primoris Services Co. (NASDAQ:PRIM)

Townsquare Capital LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 34,753 shares of the construction company's stock, valued at approximately $2,655,000. Townsquare Capital LLC owned about 0.06% of Primoris Services as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRIM. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler assumed coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. KeyCorp reduced their price objective on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a 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's stock. According to MarketBeat, Primoris Services currently has an average rating of "Buy" and an average target price of $84.75.

Primoris Services Price Performance

NASDAQ:PRIM traded down $2.35 during trading hours on Monday, reaching $54.10. 101,656 shares of the company were exchanged, compared to its average volume of 913,909. The firm has a market cap of $2.92 billion, a PE ratio of 17.91 and a beta of 1.17. Primoris Services Co. has a twelve month low of $43.57 and a twelve month high of $90.86. The stock's 50-day moving average is $63.30 and its 200-day moving average is $71.47. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. This trade represents a 11.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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.