Canada Pension Plan Investment Board Makes New $2.09 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

Canada Pension Plan Investment Board acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Barclays PLC lifted its position in Primoris Services by 245.8% during the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after acquiring an additional 81,111 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Primoris Services by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock valued at $2,940,000 after purchasing an additional 15,710 shares during the period. Oliver Luxxe Assets LLC boosted its stake in Primoris Services by 2.6% in the 4th quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company's stock valued at $2,403,000 after purchasing an additional 785 shares during the period. Fulton Bank N.A. grew its holdings in Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after buying an additional 406 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after buying an additional 22,223 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent research reports. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp dropped their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. Finally, Piper Sandler assumed coverage on Primoris Services in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target on the stock. 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 data from MarketBeat.com, Primoris Services presently has a consensus rating of "Buy" and an average price target of $84.75.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's 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 owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last three months. 0.90% of the stock is owned by corporate insiders.

Primoris Services Price Performance

Shares of PRIM stock opened at $57.73 on Thursday. The business has a fifty day simple moving average of $62.18 and a 200 day simple moving average of $71.23. The company has a market cap of $3.11 billion, a P/E ratio of 19.11 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 Co. has a twelve month low of $44.20 and a twelve month high of $90.86.

Primoris Services Dividend Announcement

The business 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 dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

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.

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