Charles Schwab Investment Management Inc. increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 14.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 692,953 shares of the construction company's stock after purchasing an additional 85,943 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.29% of Primoris Services worth $52,942,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Primoris Services during the 4th quarter worth about $27,000. Principal Securities Inc. lifted its position in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in Primoris Services in the 3rd quarter valued at approximately $59,000. TD Private Client Wealth LLC raised its holdings 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 valued at $69,000 after acquiring an additional 230 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in Primoris Services in the 4th quarter valued at approximately $97,000. Institutional investors and hedge funds own 91.82% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the company. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday. They issued a "buy" rating and a $73.00 price target for the company. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim assumed coverage on Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. One research 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. Based on data from MarketBeat.com, Primoris Services has an average rating of "Buy" and a consensus price target of $89.14.
View Our Latest Analysis on PRIM
Primoris Services Price Performance
Shares of PRIM stock traded up $1.82 during trading hours on Friday, hitting $67.14. The company had a trading volume of 700,752 shares, compared to its average volume of 898,483. Primoris Services Co. has a 12 month low of $39.79 and a 12 month high of $90.86. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 22.23 and a beta of 1.13. The firm's fifty day moving average is $74.91 and its 200 day moving average is $70.61. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.
Primoris Services Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.48%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.
Insider Buying and Selling
In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.
About Primoris Services
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Free Report)
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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