Advisors Asset Management Inc. Has $6.30 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Advisors Asset Management Inc. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 82,393 shares of the construction company's stock after selling 8,769 shares during the period. Advisors Asset Management Inc. owned 0.15% of Primoris Services worth $6,295,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Congress Asset Management Co. acquired a new position in Primoris Services during the fourth quarter worth approximately $48,851,000. Summit Partners Public Asset Management LLC boosted its stake in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after acquiring an additional 374,926 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Primoris Services during the 4th quarter worth approximately $21,199,000. BNP Paribas Financial Markets raised its stake in Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock valued at $14,343,000 after acquiring an additional 208,920 shares during the period. Finally, Yaupon Capital Management LP lifted its holdings in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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Primoris Services Price Performance

Shares of PRIM traded up $2.01 during trading hours on Monday, hitting $65.63. 770,949 shares of the company were exchanged, compared to its average volume of 659,790. The firm's fifty day moving average is $73.22 and its 200 day moving average is $71.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a fifty-two week low of $40.66 and a fifty-two week high of $90.86. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 21.73 and a beta of 1.13.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio is presently 9.64%.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The shares were 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 directly owns 46,796 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction 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 completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. lifted their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Guggenheim assumed coverage on Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. Finally, KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price for the company. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Primoris Services currently has an average rating of "Buy" and a consensus target price of $89.14.

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.