First Trust Advisors LP Has $87.02 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

First Trust Advisors LP boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,139,044 shares of the construction company's stock after buying an additional 155,347 shares during the period. First Trust Advisors LP owned about 2.12% of Primoris Services worth $87,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Barclays PLC boosted its position in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after acquiring an additional 81,111 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock worth $2,940,000 after purchasing an additional 15,710 shares during the period. Oliver Luxxe Assets LLC boosted its holdings in Primoris Services by 2.6% during the fourth quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company's stock valued at $2,403,000 after purchasing an additional 785 shares in the last quarter. Fulton Bank N.A. grew its stake in shares of Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after purchasing an additional 406 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of 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 worth $1,711,000 after buying an additional 22,223 shares in the last quarter. Institutional investors own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $1.15 during midday trading on Friday, reaching $60.59. The company had a trading volume of 516,350 shares, compared to its average volume of 724,249. 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 fifty day simple moving average of $61.90 and a 200 day simple moving average of $71.22. Primoris Services Co. has a 1-year low of $44.20 and a 1-year high of $90.86. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 20.06 and a beta of 1.17.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.53%. Primoris Services's payout ratio is currently 9.64%.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 of the company's stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 0.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of analyst reports. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Piper Sandler assumed coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Finally, DA Davidson reiterated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $84.75.

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.