Envestnet Asset Management Inc. Acquires 14,877 Shares of Primoris Services Co. (NASDAQ:PRIM)

Envestnet Asset Management Inc. lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 58.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,230 shares of the construction company's stock after purchasing an additional 14,877 shares during the quarter. Envestnet Asset Management Inc. owned 0.07% of Primoris Services worth $3,074,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its position in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. bought a new position in shares of Primoris Services in the 4th quarter valued at $48,851,000. JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% during 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 in the last quarter. Norges Bank bought a new stake in shares of Primoris Services during the 4th quarter worth $22,636,000. Finally, Raymond James Financial Inc. acquired a new stake in Primoris Services in the fourth quarter valued at about $21,199,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 7.0 %

PRIM stock traded up $4.19 during trading on Thursday, hitting $64.16. The company had a trading volume of 184,103 shares, compared to its average volume of 727,888. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a one year low of $45.37 and a one year high of $90.86. The business has a 50-day moving average of $61.23 and a 200-day moving average of $71.21. The stock has a market cap of $3.46 billion, a PE ratio of 21.28 and a beta of 1.17.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.50%. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred 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 sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred 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 transaction, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRIM. Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price for the company. KeyCorp decreased 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 note on Wednesday, April 16th. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price target 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 given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average 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.