Clearbridge Investments LLC Reduces Holdings in Primoris Services Co. (NASDAQ:PRIM)

Clearbridge Investments LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 17.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 277,271 shares of the construction company's stock after selling 57,266 shares during the quarter. Clearbridge Investments LLC owned about 0.52% of Primoris Services worth $21,184,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Primoris Services during the 4th quarter worth about $27,000. Millburn Ridgefield Corp bought a new stake in Primoris Services in the third quarter worth about $59,000. Farther Finance Advisors LLC boosted its position in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. grew its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% in 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 during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Down 4.5 %

Primoris Services stock traded down $2.49 during midday trading on Friday, hitting $52.75. 1,172,317 shares of the company's stock were exchanged, compared to its average volume of 703,200. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. The firm has a 50-day moving average of $67.99 and a two-hundred day moving average of $71.70. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86.

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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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed 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 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 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. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last 90 days. Corporate insiders own 0.90% of the company's stock.

Analyst Ratings Changes

PRIM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. 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. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price objective for the company. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set 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 issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Primoris Services has a consensus rating of "Buy" and a consensus price target of $89.14.

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.