First Trust Advisors LP Purchases 155,347 Shares of Primoris Services Co. (NASDAQ:PRIM)

First Trust Advisors LP lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 15.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,139,044 shares of the construction company's stock after buying an additional 155,347 shares during the period. First Trust Advisors LP owned about 2.12% of Primoris Services worth $87,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PRIM. USA Financial Formulas bought a new position in Primoris Services during the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC grew its position in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. grew its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd grew its position in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after buying an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Primoris Services in the 4th quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services 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 sale, the director now 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on 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 sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 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 corporate insiders.

Wall Street Analysts Forecast Growth

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

Primoris Services Stock Performance

Shares of PRIM traded up $1.15 on Friday, reaching $60.59. The company's stock had a trading volume of 516,350 shares, compared to its average volume of 727,605. 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 $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. The stock's 50 day simple moving average is $61.67 and its two-hundred day simple moving average is $71.36. Primoris Services Co. has a 12-month low of $45.37 and a 12-month high of $90.86.

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 dividend yield of 0.53%. The ex-dividend date was Monday, March 31st. Primoris Services's payout ratio is 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.