Wellington Management Group LLP Has $17.92 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Wellington Management Group LLP grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 30.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 234,530 shares of the construction company's stock after purchasing an additional 55,400 shares during the period. Wellington Management Group LLP owned approximately 0.44% of Primoris Services worth $17,918,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PRIM. Congress Asset Management Co. acquired a new position in Primoris Services during the 4th quarter worth $48,851,000. JPMorgan Chase & Co. increased its stake in 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 buying an additional 381,284 shares during the period. Norges Bank acquired a new stake in shares of Primoris Services in the 4th quarter worth approximately $22,636,000. Raymond James Financial Inc. bought a new position in shares of Primoris Services in the fourth quarter valued at approximately $21,199,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Primoris Services by 205.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 146,218 shares of the construction company's stock worth $11,171,000 after purchasing an additional 98,299 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday. Piper Sandler began coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. One equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $88.38.

Remove Ads

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen C. Cook sold 998 shares of the business's 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 completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last quarter. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM traded up $0.10 during mid-day trading on Monday, hitting $57.33. The company's stock had a trading volume of 33,534 shares, compared to its average volume of 713,620. Primoris Services Co. has a one year low of $42.82 and a one year high of $90.86. The stock's 50-day moving average is $65.42 and its two-hundred day moving average is $71.49. The firm has a market capitalization of $3.09 billion, a PE ratio of 18.98 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Primoris Services 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.