Invesco Ltd. Has $152.49 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Invesco Ltd. raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 27.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,995,923 shares of the construction company's stock after buying an additional 430,589 shares during the period. Invesco Ltd. owned about 3.72% of Primoris Services worth $152,489,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRIM. Federated Hermes Inc. boosted its stake in Primoris Services by 115.1% in the fourth quarter. Federated Hermes Inc. now owns 235,166 shares of the construction company's stock valued at $17,967,000 after acquiring an additional 125,832 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its stake in shares of Primoris Services by 296.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,042 shares of the construction company's stock valued at $385,000 after purchasing an additional 3,771 shares during the period. Envestnet Asset Management Inc. increased its holdings in Primoris Services by 58.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 40,230 shares of the construction company's stock valued at $3,074,000 after purchasing an additional 14,877 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC bought a new position in Primoris Services during the fourth quarter worth about $202,000. Finally, Dynamic Technology Lab Private Ltd grew its position in shares of Primoris Services by 81.2% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 15,150 shares of the construction company's stock worth $1,157,000 after buying an additional 6,789 shares during the period. Institutional investors own 91.82% of the company's stock.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the firm'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 value of $67,864.00. Following the completion of the sale, the director now directly 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. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Down 2.4 %

NASDAQ:PRIM traded down $1.40 on Friday, hitting $56.35. 1,135,688 shares of the company's stock were exchanged, compared to its average volume of 719,430. The company has a market cap of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. The firm has a 50-day moving average price of $63.72 and a 200-day moving average price of $71.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. 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 declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Piper Sandler started coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. KeyCorp dropped their price objective on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. Finally, Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. 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 MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $84.75.

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.