Grandeur Peak Global Advisors LLC Raises Stake in Primoris Services Co. (NASDAQ:PRIM)

Grandeur Peak Global Advisors LLC raised its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 56.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 174,901 shares of the construction company's stock after acquiring an additional 63,409 shares during the quarter. Primoris Services makes up about 1.2% of Grandeur Peak Global Advisors LLC's portfolio, making the stock its 24th largest holding. Grandeur Peak Global Advisors LLC owned about 0.33% of Primoris Services worth $13,362,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PRIM. JPMorgan Chase & Co. raised its position in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after purchasing an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Primoris Services by 12,845.7% during 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 during the last quarter. AMI Asset Management Corp raised its stake in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after buying an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter valued at $48,851,000. Institutional investors own 91.82% of the company's stock.

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Analyst Ratings Changes

PRIM has been the topic of several research analyst reports. DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Piper Sandler assumed coverage on Primoris Services in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Primoris Services has an average rating of "Buy" and a consensus price target of $88.38.

Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business'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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated 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 approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. Insiders own 1.40% of the company's stock.

Primoris Services Stock Down 0.2 %

Shares of NASDAQ PRIM traded down $0.09 during trading on Tuesday, hitting $57.75. The stock had a trading volume of 607,349 shares, compared to its average volume of 715,714. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a fifty day moving average of $64.61 and a two-hundred day moving average of $71.39. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The company has a market capitalization of $3.11 billion, a PE ratio of 19.12 and a beta of 1.17.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued 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 yield of 0.55%. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

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.