5,002 Shares in Primoris Services Co. (NASDAQ:PRIM) Purchased by Cibc World Markets Corp

Cibc World Markets Corp bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,002 shares of the construction company's stock, valued at approximately $382,000.

A number of other large investors have also recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. bought a new position in shares of Primoris Services in the fourth quarter valued at approximately $314,000. 12th Street Asset Management Company LLC boosted its holdings in Primoris Services by 2.7% in the 4th quarter. 12th Street Asset Management Company LLC now owns 281,905 shares of the construction company's stock valued at $21,538,000 after purchasing an additional 7,495 shares during the period. Swiss National Bank grew its position in shares of Primoris Services by 0.5% during the 4th quarter. Swiss National Bank now owns 105,600 shares of the construction company's stock valued at $8,068,000 after purchasing an additional 500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Primoris Services by 35.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,375 shares of the construction company's stock worth $3,237,000 after purchasing an additional 11,082 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Remove Ads

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company'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 completion of the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

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

Primoris Services Trading Down 0.9 %

Shares of Primoris Services stock traded down $0.57 during midday trading on Tuesday, reaching $65.07. 193,456 shares of the company's stock traded hands, compared to its average volume of 658,584. The company has a market cap of $3.50 billion, a PE ratio of 21.52 and a beta of 1.13. The stock has a 50 day moving average of $72.95 and a 200-day moving average of $71.37. Primoris Services Co. has a 12 month low of $40.66 and a 12 month high of $90.86. 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Primoris Services's dividend payout ratio is 9.64%.

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.