Prudential Financial Inc. Acquires 21,494 Shares of Primoris Services Co. (NASDAQ:PRIM)

Prudential Financial Inc. grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 111.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,780 shares of the construction company's stock after purchasing an additional 21,494 shares during the quarter. Prudential Financial Inc. owned about 0.08% of Primoris Services worth $3,184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas bought a new position in Primoris Services during the fourth quarter worth $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the 3rd quarter worth about $59,000. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares in 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 valued at $68,000 after purchasing an additional 343 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 1.4 %

PRIM traded up $0.72 during trading on Monday, hitting $53.38. 1,113,707 shares of the company's stock were exchanged, compared to its average volume of 704,835. Primoris Services Co. has a fifty-two week low of $42.82 and a fifty-two week high of $90.86. The stock has a market cap of $2.87 billion, a P/E ratio of 17.68 and a beta of 1.17. The business's 50 day moving average is $67.68 and its two-hundred day moving average is $71.66. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.60%. Primoris Services's payout ratio is 9.64%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target on the stock. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 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 note on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. One 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. Based on data from MarketBeat.com, Primoris Services presently has an average rating of "Buy" and a consensus price target of $89.14.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares of the company's stock, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.

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.