Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC raised its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 83.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 490,356 shares of the construction company's stock after purchasing an additional 223,551 shares during the period. Lord Abbett & CO. LLC owned about 0.91% of Primoris Services worth $37,463,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after acquiring an additional 82,261 shares during the period. Invesco Ltd. grew its position in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. increased its stake in shares of Primoris Services by 2,302.4% during the fourth 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 in the last quarter. First Trust Advisors LP increased its stake in shares of Primoris Services by 15.8% during the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position 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 purchasing an additional 381,284 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 7.3 %

Shares of PRIM traded up $4.37 during mid-day trading on Thursday, reaching $64.34. The stock had a trading volume of 607,991 shares, compared to its average volume of 729,488. 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 business's fifty day moving average is $61.23 and its 200 day moving average is $71.21. Primoris Services Co. has a 52-week low of $45.37 and a 52-week high of $90.86. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 21.25 and a beta of 1.17.

Primoris Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Primoris Services news, 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 transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,888 shares of company stock worth $4,310,043. Company insiders own 1.40% of the company's stock.

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.