Dimensional Fund Advisors LP Sells 227,886 Shares of Primoris Services Co. (NASDAQ:PRIM)

Dimensional Fund Advisors LP lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,147,023 shares of the construction company's stock after selling 227,886 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.86% of Primoris Services worth $240,436,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after buying an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after purchasing an additional 22,223 shares during the period. AMI Asset Management Corp boosted its position in shares of Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after buying an additional 6,350 shares during the period. Finally, Congress Asset Management Co. bought a new position in shares of Primoris Services during the 4th quarter worth approximately $48,851,000. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of recent research reports. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp dropped their price target on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Piper Sandler initiated coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Finally, Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. One research analyst has rated the stock with a hold rating, six have given 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 an average price target of $84.75.

Primoris Services Price Performance

PRIM stock traded up $1.15 during midday trading on Friday, reaching $60.59. 516,350 shares of the stock were exchanged, compared to its average volume of 724,249. Primoris Services Co. has a 52 week low of $44.20 and a 52 week high of $90.86. The company has a fifty day moving average price of $61.90 and a 200 day moving average price of $71.22. 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 $3.27 billion, a PE ratio of 20.06 and a beta of 1.17.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business'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 transaction 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 disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last quarter. 0.90% of the stock is owned by insiders.

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.