QRG Capital Management Inc. Buys 4,623 Shares of Primoris Services Co. (NASDAQ:PRIM)

QRG Capital Management Inc. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 6.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,979 shares of the construction company’s stock after buying an additional 4,623 shares during the period. QRG Capital Management Inc.’s holdings in Primoris Services were worth $6,187,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Congress Asset Management Co. purchased a new position in Primoris Services in the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC grew its position in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after acquiring an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after purchasing an additional 208,920 shares during the last quarter. Yaupon Capital Management LP increased its position in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after acquiring an additional 154,627 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Buy” and an average target price of $91.83.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $71.68 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $3.85 billion, a PE ratio of 23.74 and a beta of 1.14. Primoris Services Co. has a fifty-two week low of $38.38 and a fifty-two week high of $90.86. The company has a fifty day moving average of $77.49 and a two-hundred day moving average of $69.76.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s payout ratio is currently 9.64%.

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.