Aster Capital Management DIFC Ltd Grows Holdings in Primoris Services Co. (NASDAQ:PRIM)

Aster Capital Management DIFC Ltd boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 296.7% during the 4th quarter, HoldingsChannel reports. The firm owned 5,042 shares of the construction company’s stock after purchasing an additional 3,771 shares during the period. Aster Capital Management DIFC Ltd’s holdings in Primoris Services were worth $385,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of PRIM. Alliancebernstein L.P. grew its holdings in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $48,851,000. JPMorgan Chase & Co. raised its stake in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. Norges Bank acquired a new stake in shares of Primoris Services during the fourth quarter worth $22,636,000. Finally, Raymond James Financial Inc. purchased a new position in Primoris Services in the 4th quarter valued at $21,199,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PRIM. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Guggenheim assumed 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. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. One 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 company. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Buy” and an average price target of $89.14.

Primoris Services Stock Performance

Shares of PRIM stock opened at $52.75 on Monday. The stock has a fifty day moving average price of $67.99 and a 200 day moving average price of $71.70. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. Primoris Services Co. has a 1 year low of $42.82 and a 1 year high of $90.86.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

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.