Envestnet Asset Management Inc. Boosts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Envestnet Asset Management Inc. grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 58.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,230 shares of the construction company's stock after purchasing an additional 14,877 shares during the period. Envestnet Asset Management Inc. owned approximately 0.07% of Primoris Services worth $3,074,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. USA Financial Formulas purchased a new stake in Primoris Services during the fourth quarter worth $27,000. Farther Finance Advisors LLC boosted its holdings in Primoris Services by 3,552.4% during 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. Principal Securities Inc. boosted its holdings 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 in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Primoris Services during the fourth quarter worth $97,000. Finally, Venturi Wealth Management LLC purchased a new stake in Primoris Services during the fourth quarter worth $143,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 998 shares of the firm's 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 of the company's stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were 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 directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was 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 valued at $4,310,043 over the last 90 days. 1.40% of the stock is owned by company insiders.

Primoris Services Trading Up 1.2 %

Shares of PRIM traded up $0.75 during mid-day trading on Monday, reaching $61.30. The stock had a trading volume of 540,445 shares, compared to its average volume of 726,856. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 52-week low of $45.37 and a 52-week high of $90.86. The business's fifty day moving average is $61.47 and its 200 day moving average is $71.36. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 20.30 and a beta of 1.17.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRIM shares. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. KeyCorp reduced their price objective on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $84.75.

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.