Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 115.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 235,166 shares of the construction company's stock after buying an additional 125,832 shares during the quarter. Federated Hermes Inc. owned about 0.44% of Primoris Services worth $17,967,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in Primoris Services in the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. grew its holdings 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 worth $68,000 after purchasing an additional 343 shares in the last quarter. TD Private Client Wealth LLC raised its stake in 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 valued at $69,000 after purchasing an additional 230 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in Primoris Services in the 4th quarter worth approximately $97,000. Institutional investors own 91.82% of the company's stock.

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Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, 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. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on PRIM shares. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. Guggenheim reaffirmed a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler assumed coverage on Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report 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 issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $88.38.

Primoris Services Trading Up 0.9 %

Shares of PRIM traded up $0.51 during midday trading on Tuesday, hitting $58.35. The stock had a trading volume of 149,439 shares, compared to its average volume of 713,503. 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 1 year low of $42.82 and a 1 year high of $90.86. The firm has a market cap of $3.15 billion, a PE ratio of 19.32 and a beta of 1.17. The stock's 50 day moving average is $65.05 and its 200 day moving average is $71.49.

Primoris Services Announces Dividend

The firm 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. Primoris Services's dividend payout ratio is presently 9.64%.

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.