Harbor Capital Advisors Inc. Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Harbor Capital Advisors Inc. raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 12,845.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 22,396 shares of the construction company’s stock after purchasing an additional 22,223 shares during the period. Harbor Capital Advisors Inc.’s holdings in Primoris Services were worth $1,711,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Quest Partners LLC increased its holdings in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after buying an additional 15,450 shares during the period. Benjamin Edwards Inc. raised its position in shares of Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after acquiring an additional 6,487 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Primoris Services by 74.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock worth $2,708,000 after purchasing an additional 23,200 shares during the last quarter. Morse Asset Management Inc boosted its position in Primoris Services by 112.9% during the second quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock valued at $871,000 after purchasing an additional 9,255 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in Primoris Services by 13.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock valued at $4,859,000 after purchasing an additional 11,488 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

NASDAQ PRIM opened at $77.63 on Monday. The stock’s fifty day moving average price is $79.87 and its 200 day moving average price is $63.99. Primoris Services Co. has a 1 year low of $32.01 and a 1 year high of $84.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 25.71 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts forecast that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is presently 10.60%.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock worth $1,854,974 over the last three months. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PRIM. DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. UBS Group raised their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. The Goldman Sachs Group raised their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Guggenheim started coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $88.67.

Primoris Services 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.