Dynamic Technology Lab Private Ltd Buys 6,789 Shares of Primoris Services Co. (NASDAQ:PRIM)

Dynamic Technology Lab Private Ltd lifted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 81.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,150 shares of the construction company's stock after acquiring an additional 6,789 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Primoris Services were worth $1,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after purchasing an additional 82,261 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after buying an additional 1,274,839 shares in the last quarter. Geode Capital Management LLC raised its position in Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after buying an additional 15,070 shares during the period. JPMorgan Chase & Co. lifted its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after acquiring an additional 381,284 shares in the last quarter. Finally, Yaupon Capital Management LP boosted its position in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after acquiring an additional 154,627 shares during the period. Institutional investors own 91.82% of the company's stock.

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Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $0.07 on Friday, hitting $56.35. 111,390 shares of the company were exchanged, compared to its average volume of 712,096. Primoris Services Co. has a one year low of $42.82 and a one year 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. The company's 50 day moving average price is $65.78 and its two-hundred day moving average price is $71.40. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 18.62 and a beta of 1.17.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. Primoris Services's dividend payout ratio is currently 9.64%.

Analyst Upgrades and Downgrades

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

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 sale, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 1.40% of the company's stock.

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.