Primoris Services Co. (NASDAQ:PRIM) Shares Sold by 1492 Capital Management LLC

1492 Capital Management LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 31.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,823 shares of the construction company's stock after selling 19,660 shares during the quarter. Primoris Services accounts for about 1.6% of 1492 Capital Management LLC's portfolio, making the stock its 23rd biggest position. 1492 Capital Management LLC owned approximately 0.08% of Primoris Services worth $3,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after purchasing an additional 82,261 shares in the last quarter. Invesco Ltd. boosted its stake in 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 buying an additional 430,589 shares in the last quarter. Alliancebernstein L.P. grew 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 valued at $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Geode Capital Management LLC grew its holdings in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock worth $70,810,000 after acquiring an additional 15,070 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake 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 valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Up 5.1 %

PRIM traded up $2.80 during trading on Wednesday, hitting $58.24. 202,346 shares of the stock were exchanged, compared to its average volume of 720,407. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a 50 day simple moving average of $62.50 and a 200 day simple moving average of $71.32. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 19.28 and a beta of 1.17. Primoris Services Co. has a 1 year low of $44.20 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Insider Activity

In related news, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction on 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 transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's 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 completion of the transaction, the chief executive officer now owns 46,796 shares of the company's stock, 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. In the last quarter, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Piper Sandler started coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price on the stock. DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp lowered their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report 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.com, the company presently has a consensus rating of "Buy" and an average target price 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.