Primoris Services Co. (NASDAQ:PRIM) Shares Sold by EAM Global Investors LLC

EAM Global Investors LLC lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,929 shares of the construction company's stock after selling 20,709 shares during the quarter. Primoris Services accounts for approximately 1.0% of EAM Global Investors LLC's holdings, making the stock its 23rd largest holding. EAM Global Investors LLC owned 0.14% of Primoris Services worth $5,801,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Alliancebernstein L.P. raised its stake in Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after buying an additional 1,274,839 shares during the period. Congress Asset Management Co. acquired a new stake in shares of Primoris Services during the 4th quarter worth $48,851,000. Invesco Ltd. increased its holdings in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after buying an additional 430,589 shares during the period. JPMorgan Chase & Co. lifted its stake in 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. Finally, Norges Bank acquired a new stake in Primoris Services in the fourth quarter valued at about $22,636,000. Institutional investors own 91.82% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PRIM shares. Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. KeyCorp lowered their price objective on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. increased their target price on shares of 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 assumed coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price on the stock. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $84.75.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction 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 $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Stock Performance

NASDAQ PRIM traded down $3.12 on Monday, hitting $53.33. 169,599 shares of the company traded hands, compared to its average volume of 915,055. The business's 50 day moving average price is $63.30 and its 200-day moving average price is $71.47. Primoris Services Co. has a 52-week low of $43.57 and a 52-week high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 17.66 and a beta of 1.17.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's payout ratio 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.