Charles Schwab Investment Management Inc. Raises Position in Primoris Services Co. (NASDAQ:PRIM)

Charles Schwab Investment Management Inc. raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 1.29% of Primoris Services worth $52,942,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. TD Private Client Wealth LLC increased its position in shares of 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 during the period. Virtue Capital Management LLC increased its position in shares of Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock valued at $952,000 after acquiring an additional 342 shares during the period. Principal Securities Inc. increased its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the period. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter valued at $27,000. Finally, Savant Capital LLC increased its position in shares of Primoris Services by 7.2% in the 4th quarter. Savant Capital LLC now owns 5,209 shares of the construction company's stock valued at $398,000 after acquiring an additional 348 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRIM. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target on the stock. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $89.14.

Insider Transactions at Primoris Services

In other news, 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 transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

Primoris Services Price Performance

Shares of PRIM stock traded up $1.82 during mid-day trading on Friday, hitting $67.14. 700,752 shares of the stock were exchanged, compared to its average volume of 898,483. The firm has a fifty day moving average of $74.66 and a 200 day moving average of $70.91. 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 52-week low of $39.79 and a 52-week high of $90.86. The company has a market cap of $3.61 billion, a PE ratio of 22.23 and a beta of 1.13.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is currently 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.