Tieton Capital Management LLC Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Tieton Capital Management LLC raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 21.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 74,020 shares of the construction company’s stock after purchasing an additional 13,040 shares during the period. Primoris Services accounts for 2.3% of Tieton Capital Management LLC’s portfolio, making the stock its 23rd largest position. Tieton Capital Management LLC’s holdings in Primoris Services were worth $5,655,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. raised its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after acquiring an additional 343 shares during the period. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the third quarter worth $59,000. Finally, TD Private Client Wealth LLC increased its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity

In other news, 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 completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Trading Down 1.2 %

PRIM stock opened at $63.68 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52-week low of $40.66 and a 52-week high of $90.86. The company’s 50-day simple moving average is $73.22 and its 200-day simple moving average is $71.26. The firm has a market cap of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio is currently 9.64%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PRIM shares. DA Davidson restated a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. Guggenheim assumed coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $89.14.

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.