Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 35.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,375 shares of the construction company's stock after buying an additional 11,082 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of Primoris Services worth $3,237,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PRIM. Principal Financial Group Inc. increased its holdings in shares of Primoris Services by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock valued at $2,940,000 after acquiring an additional 15,710 shares during the period. Atria Investments Inc increased its holdings in shares of Primoris Services by 12.7% in the 3rd quarter. Atria Investments Inc now owns 14,944 shares of the construction company's stock valued at $868,000 after acquiring an additional 1,684 shares during the period. KBC Group NV increased its holdings in shares of Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company's stock valued at $105,000 after acquiring an additional 399 shares during the period. Prudent Man Advisors LLC acquired a new position in shares of Primoris Services in the 3rd quarter valued at $210,000. Finally, Quest Partners LLC increased its holdings in shares of Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after acquiring an additional 15,450 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

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Insiders Place Their Bets

In related news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was 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 owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $0.76 during trading on Friday, hitting $63.68. 1,349,938 shares of the company were exchanged, compared to its average volume of 660,625. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 21.08 and a beta of 1.13. Primoris Services Co. has a 1 year low of $40.66 and a 1 year high of $90.86. The firm's fifty day moving average price is $73.50 and its 200 day moving average price is $70.93. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. Primoris Services's payout ratio is currently 9.64%.

Analyst Ratings Changes

A number of brokerages have recently commented on PRIM. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective 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 on the stock. Guggenheim began coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their price objective 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. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $89.14.

Primoris Services Company Profile

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.