Hsbc Holdings PLC Increases Position in Primoris Services Co. (NASDAQ:PRIM)

Hsbc Holdings PLC grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 74.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,822 shares of the construction company's stock after acquiring an additional 19,530 shares during the period. Hsbc Holdings PLC owned about 0.09% of Primoris Services worth $3,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter valued at about $27,000. Farther Finance Advisors LLC lifted its position in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. boosted its stake in shares of 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 buying an additional 343 shares in the last quarter. Covestor Ltd grew its stake in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the 4th quarter valued at approximately $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRIM. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $84.75.

Primoris Services Trading Up 3.6 %

Shares of NASDAQ PRIM traded up $2.32 during midday trading on Friday, reaching $66.17. 1,252,765 shares of the stock were exchanged, compared to its average volume of 736,763. The business has a 50-day simple moving average of $61.14 and a two-hundred day simple moving average of $71.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 21.91 and a beta of 1.33. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. Primoris Services's dividend payout ratio is presently 9.64%.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. 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 over the last 90 days. 1.40% of the stock is currently owned by insiders.

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.