Primoris Services Co. (NASDAQ:PRIM) Shares Sold by LSV Asset Management

LSV Asset Management reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 27.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 258,739 shares of the construction company's stock after selling 99,900 shares during the period. LSV Asset Management owned 0.48% of Primoris Services worth $19,768,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PRIM. EP Wealth Advisors LLC bought a new stake in shares of Primoris Services in the 3rd quarter worth approximately $238,000. Barclays PLC lifted its stake in Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after acquiring an additional 81,111 shares during the period. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after acquiring an additional 15,070 shares in the last quarter. TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Primoris Services by 45.0% in the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock worth $2,940,000 after buying an additional 15,710 shares during the period. 91.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PRIM shares. KeyCorp lowered their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. 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. Piper Sandler started coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price on the stock. Finally, DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $84.75.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated Monday, March 17th. The stock was 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 of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares of the company's stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. Insiders own 1.40% of the company's stock.

Primoris Services Stock Down 2.4 %

Primoris Services stock traded down $1.40 during midday trading on Friday, reaching $56.35. The company's stock had a trading volume of 1,135,688 shares, compared to its average volume of 719,430. 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 stock has a market capitalization of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. The stock's 50-day simple moving average is $63.72 and its 200-day simple moving average is $71.29. Primoris Services Co. has a 52-week low of $42.86 and a 52-week high of $90.86.

Primoris Services Announces Dividend

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

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.