LSV Asset Management Has $19.77 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

LSV Asset Management lowered its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 27.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,739 shares of the construction company's stock after selling 99,900 shares during the quarter. LSV Asset Management owned approximately 0.48% of Primoris Services worth $19,768,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. USA Financial Formulas bought a new position in Primoris Services during the fourth quarter valued at approximately $27,000. 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 last quarter. Principal Securities Inc. boosted its holdings in Primoris Services by 63.2% in 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. TD Private Client Wealth LLC raised its holdings in Primoris Services by 24.2% during 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. Finally, Steward Partners Investment Advisory LLC bought a new stake in Primoris Services during the fourth quarter worth approximately $97,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services 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 owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred 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 sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Company insiders own 1.40% of the company's stock.

Primoris Services Trading Down 0.2 %

PRIM traded down $0.09 during mid-day trading on Tuesday, hitting $57.75. The stock had a trading volume of 607,349 shares, compared to its average volume of 715,714. Primoris Services Co. has a 1-year low of $42.82 and a 1-year high of $90.86. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. 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 stock's fifty day simple moving average is $64.61 and its 200-day simple moving average is $71.39.

Primoris Services Announces Dividend

The firm also recently announced 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 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 payout ratio is 9.64%.

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. Piper Sandler started coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price on the stock. JPMorgan Chase & Co. upped their price objective 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. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One equities research 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's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $88.38.

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.