Canada Pension Plan Investment Board Makes New $2.09 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

Canada Pension Plan Investment Board acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,300 shares of the construction company's stock, valued at approximately $2,086,000. Canada Pension Plan Investment Board owned about 0.05% of Primoris Services at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PRIM. JPMorgan Chase & Co. lifted its holdings in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares during the period. QRG Capital Management Inc. lifted its stake in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after acquiring an additional 4,623 shares during the period. Harbor Capital Advisors Inc. increased its position in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares during the period. AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the 4th quarter worth about $48,851,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Up 0.1 %

Primoris Services stock traded up $0.08 during mid-day trading on Tuesday, reaching $61.29. The stock had a trading volume of 80,710 shares, compared to its average volume of 896,405. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 20.29 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a one year low of $45.37 and a one year high of $90.86. The company has a 50-day moving average price of $61.47 and a two-hundred day moving average price of $71.36.

Primoris Services Announces Dividend

The company also recently declared 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm'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 sale, the chief executive officer now owns 46,796 shares of the company's stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following 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 disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last three months. Insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler began coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. Finally, KeyCorp reduced their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $84.75.

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.