Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,147,023 shares of the construction company's stock after selling 227,886 shares during the quarter. Dimensional Fund Advisors LP owned 5.86% of Primoris Services worth $240,436,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PRIM. USA Financial Formulas acquired a new position in Primoris Services during the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC lifted 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 valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. lifted its holdings in shares of 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 buying an additional 343 shares during the period. Covestor Ltd lifted its holdings in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after buying an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services in the 4th quarter valued at approximately $97,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services 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 sale, the director now owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services 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 completion of the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last quarter. Company insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. Piper Sandler assumed coverage on Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target for the company. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. 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, Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $84.75.

Primoris Services Trading Up 1.9 %

Shares of NASDAQ:PRIM traded up $1.15 during midday trading on Friday, reaching $60.59. The company's stock had a trading volume of 516,350 shares, compared to its average volume of 727,605. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 20.06 and a beta of 1.17. 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 1 year low of $45.37 and a 1 year high of $90.86. The business has a 50 day moving average price of $61.67 and a 200 day moving average price of $71.36.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Primoris Services Company 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.