FIL Ltd Cuts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

FIL Ltd cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 28.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,700 shares of the construction company's stock after selling 20,800 shares during the quarter. FIL Ltd owned 0.10% of Primoris Services worth $3,950,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. USA Financial Formulas purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC boosted its position in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after buying an additional 230 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Primoris Services in the fourth quarter valued at $97,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Trading Down 2.4 %

Shares of PRIM stock traded down $1.40 during mid-day trading on Friday, hitting $56.35. 1,135,688 shares of the company's stock were exchanged, compared to its average volume of 719,430. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 18.66 and a beta of 1.17. The stock has a 50-day simple moving average of $63.72 and a two-hundred day simple moving average of $71.29. Primoris Services Co. has a fifty-two week low of $42.86 and a fifty-two week high of $90.86. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.57%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Insider Activity

In related news, 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, 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 in the last 90 days. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRIM shares. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price 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 target for the company. Finally, Piper Sandler initiated coverage on Primoris Services in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $84.75.

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.