Scotia Capital Inc. Makes New $981,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Scotia Capital Inc. bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 12,839 shares of the construction company's stock, valued at approximately $981,000.

Several other large investors have also added to or reduced their stakes in PRIM. Alliancebernstein L.P. lifted its stake in shares of 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 position in shares of Primoris Services in the fourth quarter valued at about $48,851,000. Invesco Ltd. boosted its stake 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 worth $152,489,000 after acquiring an additional 430,589 shares during the period. JPMorgan Chase & Co. grew its position in shares of Primoris Services by 97.4% during the fourth 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 in the last quarter. Finally, Norges Bank bought a new stake in Primoris Services during the 4th quarter valued at approximately $22,636,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 2.4 %

Shares of NASDAQ:PRIM traded down $1.40 during trading hours on Friday, hitting $56.35. 1,135,688 shares of the company's stock traded hands, compared to its average volume of 719,684. The firm has a market capitalization of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. The business has a fifty day moving average price of $63.30 and a 200-day moving average price of $71.28. Primoris Services Co. has a 1 year low of $42.86 and a 1 year high of $90.86. 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 Announces Dividend

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

Insiders Place Their Bets

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services 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 directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 transaction of $3,935,099.00. Following the transaction, the chief executive officer now 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 have sold a total of 66,888 shares of company stock worth $4,310,043 over the last quarter. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. KeyCorp dropped their price target on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler started coverage on Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. Finally, JPMorgan Chase & Co. upped their price target 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. One equities research 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 currently has a consensus rating of "Buy" and a consensus price target of $84.75.

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.