Fulton Bank N.A. Purchases 406 Shares of Primoris Services Co. (NASDAQ:PRIM)

Fulton Bank N.A. increased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,022 shares of the construction company’s stock after buying an additional 406 shares during the period. Fulton Bank N.A.’s holdings in Primoris Services were worth $918,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares during the period. TD Private Client Wealth LLC grew its holdings in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the period. Arizona State Retirement System increased its stake in Primoris Services by 2.0% in the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after purchasing an additional 294 shares in the last quarter. Virtue Capital Management LLC raised its holdings in shares of Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the period. Finally, KBC Group NV boosted its position in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after purchasing an additional 399 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.30% of the stock is owned by insiders.

Analysts Set New Price Targets

PRIM has been the topic of a number of research reports. JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. UBS Group increased their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday. They set a “buy” rating and a $102.00 price objective for the company. Finally, KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. One 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. According to MarketBeat.com, Primoris Services has an average rating of “Buy” and an average target price of $88.67.

Primoris Services Stock Performance

Shares of PRIM stock opened at $78.66 on Friday. 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 firm has a 50-day moving average of $79.27 and a 200-day moving average of $63.54. Primoris Services Co. has a one year low of $31.22 and a one year high of $84.97. The company has a market cap of $4.23 billion, a P/E ratio of 26.05 and a beta of 1.14.

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

Primoris Services Increases Dividend

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

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.