Lord Abbett & CO. LLC Has $37.46 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Lord Abbett & CO. LLC boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 83.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 490,356 shares of the construction company's stock after acquiring an additional 223,551 shares during the period. Lord Abbett & CO. LLC owned 0.91% of Primoris Services worth $37,463,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of PRIM. USA Financial Formulas acquired a new stake in Primoris Services during the 4th quarter worth $27,000. Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares during the period. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. Covestor Ltd grew its holdings in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after buying an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services in the 4th quarter valued at $97,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRIM. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of 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 initiated coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price for the company. Finally, Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $84.75.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.75 during trading on Monday, reaching $61.30. 540,445 shares of the company's stock were exchanged, compared to its average volume of 726,856. 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 stock has a market capitalization of $3.30 billion, a PE ratio of 20.30 and a beta of 1.17. Primoris Services Co. has a twelve month low of $45.37 and a twelve month high of $90.86. The firm's fifty day moving average price is $61.47 and its 200-day moving average price is $71.36.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's payout ratio is presently 9.64%.

Insider Buying and Selling

In related news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 value of $3,935,099.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by insiders.

About Primoris Services

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.