FIL Ltd Has $3.95 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

FIL Ltd trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 28.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,700 shares of the construction company's stock after selling 20,800 shares during the quarter. FIL Ltd owned about 0.10% of Primoris Services worth $3,950,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PRIM. USA Financial Formulas bought a new stake in shares of Primoris Services during the 4th quarter worth about $27,000. Farther Finance Advisors LLC boosted its position 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 purchasing an additional 746 shares during the period. Principal Securities Inc. boosted its position 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 purchasing an additional 343 shares during the period. TD Private Client Wealth LLC grew its holdings in 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 purchasing an additional 230 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services in the fourth quarter valued at approximately $97,000. 91.82% of the stock is currently owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm'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 value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares of the company's stock, 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. Over the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is owned by corporate insiders.

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Primoris Services Stock Performance

PRIM traded down $0.09 on Tuesday, hitting $57.75. 607,349 shares of the stock traded hands, compared to its average volume of 715,714. The business has a fifty day moving average price of $64.61 and a two-hundred day moving average price of $71.39. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $3.11 billion, a PE ratio of 19.12 and a beta of 1.17. Primoris Services Co. has a 52 week low of $42.82 and a 52 week high of $90.86.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's dividend payout ratio is presently 9.64%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler started coverage on Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. Finally, DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $88.38.

Primoris Services 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.