29,106 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by Gallo Partners LP

Gallo Partners LP bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,106 shares of the construction company's stock, valued at approximately $2,224,000. Primoris Services comprises approximately 1.6% of Gallo Partners LP's portfolio, making the stock its 27th largest holding. Gallo Partners LP owned 0.05% of Primoris Services as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PRIM. Vanguard Group Inc. increased its position in Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after buying an additional 82,261 shares in the last quarter. Invesco Ltd. boosted its stake in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares in the last quarter. Alliancebernstein L.P. grew its position in 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 purchasing an additional 1,274,839 shares during the last quarter. First Trust Advisors LP increased its stake in Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after purchasing an additional 155,347 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% in the fourth 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 last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction 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 sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction 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 sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRIM. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler assumed coverage on Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective on the stock. Guggenheim reaffirmed a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. One investment 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 currently has a consensus rating of "Buy" and an average target price of $84.75.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $2.32 during trading on Friday, hitting $66.17. 1,252,765 shares of the stock traded hands, compared to its average volume of 736,764. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a fifty day moving average price of $61.14 and a two-hundred day moving average price of $71.27. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 21.91 and a beta of 1.33.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders 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 dividend on an annualized basis and a yield of 0.48%. Primoris Services's payout ratio is 9.64%.

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.