Primoris Services Co. (NASDAQ:PRIM) Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 293,063 shares of the construction company's stock after selling 37,405 shares during the period. American Century Companies Inc. owned 0.55% of Primoris Services worth $22,390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. USA Financial Formulas purchased a new position in Primoris Services during the 4th quarter worth $27,000. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services during the third quarter worth about $59,000. Farther Finance Advisors LLC increased its holdings in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. raised 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 valued at $68,000 after purchasing an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $4.12 during trading on Thursday, reaching $55.31. 875,191 shares of the company traded hands, compared to its average volume of 701,082. The stock has a market cap of $2.97 billion, a P/E ratio of 18.31 and a beta of 1.13. The firm's fifty day simple moving average is $68.66 and its 200 day simple moving average is $71.51. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $42.82 and a 12-month high of $90.86.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Monday, March 31st. Primoris Services's payout ratio is presently 9.64%.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PRIM shares. 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. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Guggenheim started coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price for the company. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target on the stock. Finally, 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. One analyst has rated the stock with a hold rating, five 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 a consensus price target 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.