CANADA LIFE ASSURANCE Co Sells 8,206 Shares of Primoris Services Co. (NASDAQ:PRIM)

CANADA LIFE ASSURANCE Co cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 47.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,013 shares of the construction company's stock after selling 8,206 shares during the period. CANADA LIFE ASSURANCE Co's holdings in Primoris Services were worth $687,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Arizona State Retirement System raised its position in Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after purchasing an additional 131 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after buying an additional 268 shares during the period. HighTower Advisors LLC grew its holdings in Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after acquiring an additional 268 shares during the last quarter. Summit Investment Advisors Inc. increased its position in Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the period. Finally, Principal Securities Inc. raised its stake in shares of 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 last quarter. 91.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Finally, Piper Sandler began coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Primoris Services currently has an average rating of "Buy" and a consensus target price of $84.75.

Primoris Services Stock Up 3.6 %

Shares of PRIM stock traded up $2.32 on Friday, reaching $66.17. 1,252,765 shares of the company were exchanged, compared to its average volume of 736,764. 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 50-day moving average of $61.14 and a 200-day moving average of $71.27. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 21.91 and a beta of 1.33. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. Primoris Services's dividend payout ratio is 9.64%.

Insider Buying and Selling

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 transaction of $67,864.00. Following the completion of the sale, the director now 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's 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 transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents 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 worth $4,310,043 in the last ninety days. Corporate insiders own 1.40% of the company's stock.

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.