Franklin Resources Inc. Sells 1,007,631 Shares of Primoris Services Co. (NASDAQ:PRIM)

Franklin Resources Inc. lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 46.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,152,220 shares of the construction company's stock after selling 1,007,631 shares during the period. Franklin Resources Inc. owned about 2.15% of Primoris Services worth $88,030,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Alliancebernstein L.P. boosted its position in Primoris Services by 2,302.4% in 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. Wellington Management Group LLP grew its holdings in shares of Primoris Services by 30.9% during the fourth quarter. Wellington Management Group LLP now owns 234,530 shares of the construction company's stock worth $17,918,000 after purchasing an additional 55,400 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $216,000. Arrowstreet Capital Limited Partnership grew its holdings in Primoris Services by 205.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 146,218 shares of the construction company's stock worth $11,171,000 after acquiring an additional 98,299 shares during the last quarter. Finally, Horizon Investment Services LLC raised its stake in shares of Primoris Services by 117.3% during the fourth quarter. Horizon Investment Services LLC now owns 17,763 shares of the construction company's stock valued at $1,357,000 after acquiring an additional 9,588 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PRIM shares. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. DA Davidson restated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective for the company. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services presently has an average rating of "Buy" and a consensus target price of $89.14.

Primoris Services Stock Performance

PRIM traded down $0.25 during trading hours on Monday, hitting $52.41. The stock had a trading volume of 271,195 shares, compared to its average volume of 701,595. The stock has a market cap of $2.82 billion, a PE ratio of 17.47 and a beta of 1.17. Primoris Services Co. has a 1 year low of $42.82 and a 1 year high of $90.86. 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 company's fifty day simple moving average is $67.99 and its 200 day simple moving average is $71.70.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.61%. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have 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.