Martingale Asset Management L P Boosts Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Martingale Asset Management L P grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 36.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,539 shares of the construction company's stock after acquiring an additional 5,512 shares during the period. Martingale Asset Management L P's holdings in Primoris Services were worth $1,569,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Alliancebernstein L.P. grew its stake in Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the period. Congress Asset Management Co. bought a new position in shares of Primoris Services during the 4th quarter worth approximately $48,851,000. Invesco Ltd. grew its position in shares of Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after buying an additional 430,589 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Primoris Services by 97.4% in 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 in the last quarter. Finally, Norges Bank acquired a new position in shares of Primoris Services during the 4th quarter valued at $22,636,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $0.09 during mid-day trading on Tuesday, reaching $57.75. 607,349 shares of the company's stock were exchanged, compared to its average volume of 715,714. The firm has a 50-day moving average price of $64.61 and a two-hundred day moving average price of $71.39. 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 firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. Primoris Services Co. has a 52 week low of $42.82 and a 52 week high of $90.86.

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Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 annualized dividend and a yield of 0.55%. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated 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 directly owns 7,377 shares of the company's stock, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business'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 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock 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 set a "buy" rating and a $73.00 price target for the company. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, 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. One 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 company's stock. Based on data from MarketBeat.com, the stock 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.