Cornercap Investment Counsel Inc. Decreases Stake in Primoris Services Co. (NASDAQ:PRIM)

Cornercap Investment Counsel Inc. reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 76.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,680 shares of the construction company’s stock after selling 8,631 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Primoris Services were worth $205,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. USA Financial Formulas purchased a new stake in Primoris Services during the fourth quarter worth about $27,000. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services during the 3rd quarter worth approximately $59,000. Farther Finance Advisors LLC grew its holdings in shares of 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 during the period. Principal Securities Inc. increased its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in Primoris Services by 24.2% during 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. 91.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was 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 in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $57.27 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 company has a market cap of $3.08 billion, a PE ratio of 18.96 and a beta of 1.13. The company has a 50-day simple moving average of $71.07 and a 200-day simple moving average of $71.53. Primoris Services Co. has a 12 month low of $40.74 and a 12 month high of $90.86.

Primoris Services Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.56%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Analysts Set New Price Targets

Several research firms have weighed in on PRIM. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp initiated 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, Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.