Invesco Ltd. Purchases 430,589 Shares of Primoris Services Co. (NASDAQ:PRIM)

Invesco Ltd. grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 27.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,995,923 shares of the construction company's stock after acquiring an additional 430,589 shares during the quarter. Invesco Ltd. owned 3.72% of Primoris Services worth $152,489,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings 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 worth $59,026,000 after purchasing an additional 381,284 shares in 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 worth $6,187,000 after purchasing an additional 4,623 shares during the period. Harbor Capital Advisors Inc. increased its holdings in 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 valued at $1,711,000 after buying an additional 22,223 shares during the period. AMI Asset Management Corp raised its position 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 valued at $1,456,000 after buying an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in shares of Primoris Services during the 4th quarter worth approximately $48,851,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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Primoris Services Trading Down 0.2 %

Shares of PRIM stock traded down $0.09 during mid-day trading on Tuesday, reaching $57.75. 607,349 shares of the stock traded hands, compared to its average volume of 715,714. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock's fifty day simple moving average is $64.61 and its two-hundred day simple moving average is $71.39. Primoris Services Co. has a 1-year low of $42.82 and a 1-year high of $90.86.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.55%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The stock was 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 $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PRIM. JPMorgan Chase & Co. lifted 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. DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. 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 target price for the company. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target 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. According to data from MarketBeat.com, the stock has an average 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.