Hilton Capital Management LLC Sells 6,164 Shares of Primoris Services Co. (NASDAQ:PRIM)

Hilton Capital Management LLC lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 12.7% during the 4th quarter, HoldingsChannel reports. The fund owned 42,232 shares of the construction company’s stock after selling 6,164 shares during the period. Hilton Capital Management LLC’s holdings in Primoris Services were worth $3,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after acquiring an additional 131 shares during the last quarter. TD Private Client Wealth LLC boosted its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after purchasing an additional 268 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares in the last quarter. Finally, Virtue Capital Management LLC lifted its position in shares of Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The transaction 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 business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRIM. DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday. They issued a “buy” rating and a $73.00 target price for the company. UBS Group upped their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, Guggenheim started coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $89.14.

Primoris Services Stock Performance

PRIM stock opened at $65.16 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 business has a 50-day moving average price of $75.15 and a 200 day moving average price of $70.64. Primoris Services Co. has a 1-year low of $39.63 and a 1-year high of $90.86. The company has a market capitalization of $3.50 billion, a P/E ratio of 21.58 and a beta of 1.13.

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 paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.49%. Primoris Services’s dividend payout ratio (DPR) is 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.