QRG Capital Management Inc. Raises Stake in Primoris Services Co. (NASDAQ:PRIM)

QRG Capital Management Inc. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 6.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,979 shares of the construction company's stock after purchasing an additional 4,623 shares during the period. QRG Capital Management Inc. owned 0.15% of Primoris Services worth $6,187,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Quest Partners LLC boosted its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock worth $943,000 after purchasing an additional 15,450 shares during the period. Harbor Capital Advisors Inc. increased its stake in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after acquiring an additional 22,223 shares during the period. Benjamin Edwards Inc. raised its stake in Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after purchasing an additional 6,487 shares in the last quarter. AMI Asset Management Corp lifted its holdings in shares of Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after acquiring an additional 6,350 shares during the period. Finally, Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter worth $48,851,000. Institutional investors and hedge funds own 91.82% of the company's stock.

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Primoris Services Price Performance

Shares of Primoris Services stock traded down $1.32 during trading on Tuesday, hitting $67.53. The stock had a trading volume of 600,941 shares, compared to its average volume of 870,875. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 22.37 and a beta of 1.14. Primoris Services Co. has a 12 month low of $38.38 and a 12 month high of $90.86. The business's 50-day moving average is $77.08 and its 200 day moving average is $70.23. 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 Announces Dividend

The business also recently announced 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 0.47%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analyst Weigh In

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

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.