Barclays PLC Has $9.95 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Barclays PLC increased its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 14.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,292 shares of the construction company's stock after buying an additional 16,176 shares during the quarter. Barclays PLC owned approximately 0.24% of Primoris Services worth $9,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the last quarter. Townsquare Capital LLC acquired a new stake in Primoris Services in the 4th quarter valued at about $2,655,000. Grandeur Peak Global Advisors LLC grew its holdings in Primoris Services by 56.9% during the fourth quarter. Grandeur Peak Global Advisors LLC now owns 174,901 shares of the construction company's stock worth $13,362,000 after purchasing an additional 63,409 shares during the period. Covestor Ltd increased its position in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after buying an additional 910 shares during the last quarter. Finally, Scotia Capital Inc. bought a new stake in Primoris Services in the fourth quarter valued at approximately $981,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

NASDAQ PRIM opened at $55.44 on Wednesday. The firm has a 50-day moving average price of $62.50 and a two-hundred day moving average price of $71.32. Primoris Services Co. has a 12-month low of $44.20 and a 12-month high of $90.86. The company has a market capitalization of $2.99 billion, a P/E ratio of 18.36 and a beta of 1.17. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. 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 target on the stock. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. KeyCorp lowered their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $84.75.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 0.90% of the stock is owned by corporate insiders.

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.

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