Cibc World Markets Corp Purchases Shares of 5,002 Primoris Services Co. (NASDAQ:PRIM)

Cibc World Markets Corp acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 5,002 shares of the construction company's stock, valued at approximately $382,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRIM. Arizona State Retirement System increased its position in shares of Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock worth $1,190,000 after purchasing an additional 131 shares during the period. TD Private Client Wealth LLC grew its stake in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after buying an additional 230 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock valued at $505,000 after buying an additional 268 shares during the period. HighTower Advisors LLC raised its position in shares of Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after buying an additional 268 shares in the last quarter. Finally, Virtue Capital Management LLC lifted its holdings in shares of Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock worth $952,000 after acquiring an additional 342 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

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Primoris Services Price Performance

PRIM stock traded down $3.53 during midday trading on Thursday, reaching $57.48. 1,843,203 shares of the stock were exchanged, compared to its average volume of 664,928. 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 stock has a market capitalization of $3.09 billion, a PE ratio of 19.03 and a beta of 1.13. Primoris Services Co. has a 52 week low of $40.74 and a 52 week high of $90.86. The company has a fifty day moving average price of $72.16 and a 200 day moving average price of $71.41.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm'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 completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. 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 ninety days. Company insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.