Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 10.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,937 shares of the construction company's stock after acquiring an additional 5,317 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Primoris Services worth $4,274,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Private Client Wealth LLC raised its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares during the last quarter. Virtue Capital Management LLC raised its position in Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock worth $952,000 after buying an additional 342 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. USA Financial Formulas purchased a new stake in shares of Primoris Services in the fourth quarter valued at about $27,000. Finally, Savant Capital LLC increased its stake in shares of Primoris Services by 7.2% during the fourth quarter. Savant Capital LLC now owns 5,209 shares of the construction company's stock worth $398,000 after acquiring an additional 348 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

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Primoris Services Price Performance

Shares of PRIM stock traded up $0.01 during mid-day trading on Friday, reaching $63.57. The stock had a trading volume of 460,414 shares, compared to its average volume of 878,912. The company has a market cap of $3.42 billion, a P/E ratio of 21.00 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $39.63 and a 12-month high of $90.86. The business has a 50-day simple moving average of $76.21 and a 200 day simple moving average of $70.26.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is currently 9.64%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRIM shares. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Finally, KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $91.83.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business's 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 completion of the transaction, the director now owns 7,377 shares of the company's stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction dated 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 in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

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.