Arrowstreet Capital Limited Partnership Has $11.17 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Arrowstreet Capital Limited Partnership lifted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 205.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 146,218 shares of the construction company's stock after purchasing an additional 98,299 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.27% of Primoris Services worth $11,171,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Primoris Services in the 4th quarter valued at approximately $27,000. Farther Finance Advisors LLC increased its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. increased its position in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the period. TD Private Client Wealth LLC grew its holdings in shares of Primoris Services by 24.2% during 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. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several brokerages have recently weighed in on PRIM. DA Davidson reissued a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler started coverage on Primoris Services in a research note on Tuesday. They issued an "overweight" rating and a $75.00 price target on the stock. Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Finally, KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $87.38.

Primoris Services Trading Down 2.2 %

Shares of Primoris Services stock traded down $1.31 during trading hours on Thursday, hitting $57.27. The company's stock had a trading volume of 134,317 shares, compared to its average volume of 710,033. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The stock has a 50 day moving average of $66.15 and a 200 day moving average of $71.41. The company has a market capitalization of $3.08 billion, a PE ratio of 18.96 and a beta of 1.17. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. 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. Insiders own 1.40% of the company's stock.

About Primoris Services

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.