Integrated Quantitative Investments LLC Buys Shares of 12,937 Primoris Services Co. (NASDAQ:PRIM)

Integrated Quantitative Investments LLC purchased a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 12,937 shares of the construction company's stock, valued at approximately $988,000.

Other hedge funds have also recently bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Primoris Services in the fourth quarter worth about $27,000. Millburn Ridgefield Corp bought a new stake in Primoris Services during the 3rd quarter worth about $59,000. Farther Finance Advisors LLC lifted its stake 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 purchasing an additional 746 shares during the period. Principal Securities Inc. boosted its position 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. Finally, TD Private Client Wealth LLC lifted 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 buying an additional 230 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction 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 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 represents a 56.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last three months. Corporate insiders own 1.40% of the company's stock.

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Primoris Services Stock Up 0.2 %

Shares of PRIM traded up $0.11 during trading hours on Wednesday, reaching $53.87. The stock had a trading volume of 272,973 shares, compared to its average volume of 707,037. The firm has a 50-day simple moving average of $66.88 and a 200 day simple moving average of $71.49. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. 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 company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 17.67 and a beta of 1.17.

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 issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PRIM shares. Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday. They set an "overweight" rating and a $75.00 target price for the company. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price on the stock. JPMorgan Chase & Co. increased their price objective 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. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, 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 for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Primoris Services currently has an average rating of "Buy" and a consensus target price of $87.38.

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.