Foundry Partners LLC Decreases Position in Primoris Services Co. (NASDAQ:PRIM)

Foundry Partners LLC lowered its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 35.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 49,039 shares of the construction company's stock after selling 27,319 shares during the quarter. Foundry Partners LLC owned 0.09% of Primoris Services worth $3,747,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRIM. JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after buying an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after buying an additional 22,223 shares in the last quarter. Benjamin Edwards Inc. boosted its position in Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock worth $378,000 after acquiring an additional 6,487 shares during the last quarter. Finally, AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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Primoris Services Stock Down 3.7 %

NASDAQ PRIM traded down $2.19 during trading hours on Thursday, hitting $56.39. 358,337 shares of the company were exchanged, compared to its average volume of 925,143. The company has a 50 day moving average of $66.15 and a two-hundred day moving average of $71.41. 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 $3.03 billion, a price-to-earnings ratio of 18.67 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 issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. Primoris Services's payout ratio is 9.64%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRIM. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective on the stock. Finally, Piper Sandler assumed coverage on Primoris Services in a research report on Tuesday. They issued an "overweight" rating and a $75.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $88.38.

Insider Transactions at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 46,796 shares of the company's stock, 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 three months, insiders sold 66,888 shares of company stock valued at $4,310,043. Insiders own 1.40% of the company's stock.

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.