NEOS Investment Management LLC Has $7.16 Million Position in Primoris Services Co. (NASDAQ:PRIM)

NEOS Investment Management LLC grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,734 shares of the construction company's stock after buying an additional 8,855 shares during the quarter. NEOS Investment Management LLC owned approximately 0.17% of Primoris Services worth $7,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in PRIM. USA Financial Formulas bought a new stake in Primoris Services in the fourth quarter worth 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. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services in the third quarter worth about $59,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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Primoris Services Price Performance

NASDAQ PRIM traded up $0.01 during trading hours on Tuesday, reaching $57.42. 133,157 shares of the company's stock were exchanged, compared to its average volume of 699,682. The firm has a fifty day moving average of $70.52 and a 200-day moving average of $71.69. Primoris Services Co. has a one year low of $40.74 and a one year high of $90.86. The stock has a market cap of $3.09 billion, a PE ratio of 18.99 and a beta of 1.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were 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 directly owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last ninety days. 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.