Primoris Services Co. (NASDAQ:PRIM) Shares Sold by DRW Securities LLC

DRW Securities LLC decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 22.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,484 shares of the construction company's stock after selling 5,516 shares during the quarter. DRW Securities LLC's holdings in Primoris Services were worth $1,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of PRIM. USA Financial Formulas acquired a new stake in Primoris Services during the fourth quarter worth $27,000. Farther Finance Advisors LLC lifted its position in Primoris Services by 3,552.4% in 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 last quarter. Principal Securities Inc. boosted its stake in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the period. TD Private Client Wealth LLC increased its position in shares of 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 valued at $69,000 after acquiring an additional 230 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Primoris Services in the 4th quarter valued at approximately $97,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRIM. Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler started coverage on Primoris Services in a research note on Tuesday. They set an "overweight" rating and a $75.00 target price on the stock. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Primoris Services has a consensus rating of "Buy" and a consensus target price of $88.38.

Insider Buying and Selling

In other Primoris Services 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 value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the company's 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 of the company's stock, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last 90 days. 1.40% of the stock is owned by insiders.

Primoris Services Stock Up 1.3 %

NASDAQ PRIM traded up $0.75 during trading hours on Friday, hitting $57.17. 552,659 shares of the company were exchanged, compared to its average volume of 715,129. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 18.93 and a beta of 1.17. The company has a 50 day moving average of $65.42 and a two-hundred day moving average of $71.39. Primoris Services Co. has a 52-week low of $42.82 and a 52-week high of $90.86.

Primoris Services Announces Dividend

The company also recently announced 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 of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.56%. Primoris Services's dividend payout ratio (DPR) is 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.