Keeley Teton Advisors LLC Cuts Holdings in Primoris Services Co. (NASDAQ:PRIM)

Keeley Teton Advisors LLC decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 101,936 shares of the construction company's stock after selling 60,800 shares during the period. Primoris Services accounts for 0.9% of Keeley Teton Advisors LLC's portfolio, making the stock its 16th largest position. Keeley Teton Advisors LLC owned approximately 0.19% of Primoris Services worth $7,788,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Alliancebernstein L.P. increased 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 valued at $101,628,000 after buying an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the fourth quarter worth $48,851,000. Invesco Ltd. increased its holdings in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Primoris Services by 97.4% in the 4th 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 bought a new position in Primoris Services in the 4th quarter worth about $22,636,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated 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 owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value 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. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last quarter. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. KeyCorp reduced their price objective on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday. DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on 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 began coverage on Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price for the company. Finally, Guggenheim restated a "buy" rating and issued 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 data from MarketBeat, Primoris Services has a consensus rating of "Buy" and a consensus price target of $84.75.

Primoris Services Stock Performance

Shares of PRIM stock traded down $1.40 on Friday, reaching $56.35. The stock had a trading volume of 1,135,688 shares, compared to its average volume of 720,123. The stock has a market cap of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 1 year low of $43.57 and a 1 year high of $90.86. The company has a 50 day simple moving average of $63.30 and a 200 day simple moving average of $71.38.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. Primoris Services's dividend payout ratio is currently 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.