Canada Pension Plan Investment Board Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Canada Pension Plan Investment Board bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 27,300 shares of the construction company's stock, valued at approximately $2,086,000. Canada Pension Plan Investment Board owned 0.05% of Primoris Services as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares during the period. Congress Asset Management Co. acquired a new stake in Primoris Services in the fourth quarter worth approximately $48,851,000. Invesco Ltd. increased its position in shares of Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares in the last quarter. Finally, Norges Bank bought a new stake in Primoris Services in the fourth quarter worth about $22,636,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of PRIM traded up $1.15 during mid-day trading on Friday, reaching $60.59. The company had a trading volume of 516,350 shares, compared to its average volume of 727,605. The company's 50-day moving average is $61.67 and its 200-day moving average is $71.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a twelve month low of $45.37 and a twelve month high of $90.86.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Buying and Selling

In other news, 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 transaction of $3,935,099.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. 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 in the last three months. Insiders own 0.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Piper Sandler began coverage on Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price on the stock. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, KeyCorp dropped their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $84.75.

Primoris Services 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.