Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC lessened its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 34.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,242 shares of the construction company's stock after selling 55,848 shares during the quarter. Portolan Capital Management LLC owned about 0.20% of Primoris Services worth $8,193,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. QRG Capital Management Inc. lifted its position in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after purchasing an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after buying an additional 22,223 shares in the last quarter. AMI Asset Management Corp increased its holdings in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after buying an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services during the 4th quarter valued at about $48,851,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Down 2.4 %

NASDAQ:PRIM traded down $1.40 during trading hours on Friday, reaching $56.35. The company's stock had a trading volume of 1,135,688 shares, compared to its average volume of 719,684. The stock has a 50 day moving average price of $63.30 and a two-hundred day moving average price of $71.28. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. Primoris Services Co. has a 12 month low of $42.86 and a 12 month high of $90.86.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the company's 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 of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now owns 7,377 shares of the company's stock, valued at approximately $501,636. This represents a 11.92 % decrease in their position. 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 quarter. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. KeyCorp reduced their price objective on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday. DA Davidson restated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. increased their target price 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. Piper Sandler began coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $84.75.

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.