JPMorgan Chase & Co. Has $59.03 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

JPMorgan Chase & Co. boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 97.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 772,591 shares of the construction company's stock after buying an additional 381,284 shares during the period. JPMorgan Chase & Co. owned about 1.44% of Primoris Services worth $59,026,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Congress Asset Management Co. acquired a new stake in shares of Primoris Services during the 4th quarter valued at about $48,851,000. Raymond James Financial Inc. acquired a new stake in Primoris Services during the fourth quarter valued at approximately $21,199,000. Yaupon Capital Management LP grew its stake in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Primoris Services by 14.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company's stock worth $52,942,000 after buying an additional 85,943 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after buying an additional 82,261 shares during the period. Institutional investors own 91.82% of the company's stock.

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Primoris Services Price Performance

Shares of PRIM traded up $4.90 during mid-day trading on Wednesday, hitting $58.66. 1,261,421 shares of the company traded hands, compared to its average volume of 712,212. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 19.42 and a beta of 1.17. The business has a 50-day moving average of $66.15 and a 200 day moving average of $71.41. Primoris Services Co. has a one year low of $42.82 and a one year high of $90.86.

Primoris Services Announces Dividend

The company 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 is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.55%. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price objective for the company. JPMorgan Chase & Co. increased 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. DA Davidson restated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday. They set an "overweight" rating and a $75.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $87.38.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services 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 sale, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last 90 days. 1.40% of the stock is owned by insiders.

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.