Norges Bank Purchases New Stake in Primoris Services Co. (NASDAQ:PRIM)

Norges Bank acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 296,288 shares of the construction company's stock, valued at approximately $22,636,000. Norges Bank owned 0.55% of Primoris Services as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. USA Financial Formulas acquired a new stake in Primoris Services during the 4th quarter worth about $27,000. Farther Finance Advisors LLC boosted its position in shares of Primoris Services by 3,552.4% during 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 in the last quarter. Principal Securities Inc. grew its stake in 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 during the period. TD Private Client Wealth LLC grew its stake 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 worth $69,000 after purchasing an additional 230 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in Primoris Services in the fourth quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Up 1.3 %

NASDAQ PRIM traded up $0.75 during trading hours on Friday, hitting $57.17. The company's stock had a trading volume of 552,659 shares, compared to its average volume of 715,129. The company has a market capitalization of $3.07 billion, a PE ratio of 18.93 and a beta of 1.17. 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 Co. has a 52 week low of $42.82 and a 52 week high of $90.86. The company's 50-day simple moving average is $65.42 and its two-hundred day simple moving average is $71.39.

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Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date 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 is presently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company'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 value of $3,935,099.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last 90 days. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRIM shares. DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler began coverage on shares of Primoris Services in a report on Tuesday. They issued an "overweight" rating and a $75.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target 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.