Primoris Services Co. (NASDAQ:PRIM) Shares Sold by AlphaQuest LLC

AlphaQuest LLC reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 92.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,245 shares of the construction company's stock after selling 14,999 shares during the period. AlphaQuest LLC's holdings in Primoris Services were worth $95,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. QRG Capital Management Inc. lifted its position in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after purchasing an additional 4,623 shares during the last quarter. Quest Partners LLC lifted its position in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after acquiring an additional 15,450 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after acquiring an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. lifted its position in Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after acquiring an additional 6,487 shares during the last quarter. Finally, AMI Asset Management Corp lifted its position in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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Primoris Services Stock Performance

Shares of Primoris Services stock traded down $0.76 on Friday, reaching $63.68. 1,349,939 shares of the stock were exchanged, compared to its average volume of 658,386. Primoris Services Co. has a 1-year low of $40.66 and a 1-year high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average price of $73.22 and a two-hundred day moving average price of $70.99. The firm has a market capitalization of $3.42 billion, a PE ratio of 21.08 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents 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 over the last ninety days. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target for the company. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. lifted 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. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus 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.