Raymond James Financial Inc. Takes $21.20 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Raymond James Financial Inc. purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 277,474 shares of the construction company's stock, valued at approximately $21,199,000. Raymond James Financial Inc. owned 0.52% of Primoris Services as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Martingale Asset Management L P grew its holdings in Primoris Services by 36.7% during the 4th quarter. Martingale Asset Management L P now owns 20,539 shares of the construction company's stock valued at $1,569,000 after buying an additional 5,512 shares in the last quarter. Legal & General Group Plc increased its holdings in Primoris Services by 1.0% in the 4th quarter. Legal & General Group Plc now owns 66,522 shares of the construction company's stock valued at $5,082,000 after acquiring an additional 646 shares during the last quarter. Invesco Ltd. lifted its stake in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Primoris Services by 115.1% during the 4th quarter. Federated Hermes Inc. now owns 235,166 shares of the construction company's stock valued at $17,967,000 after purchasing an additional 125,832 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its holdings in shares of Primoris Services by 296.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,042 shares of the construction company's stock worth $385,000 after purchasing an additional 3,771 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 1.8 %

Shares of PRIM traded up $1.02 during mid-day trading on Thursday, reaching $58.69. 68,506 shares of the company's stock traded hands, compared to its average volume of 721,517. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock's 50-day moving average is $62.18 and its two-hundred day moving average is $71.23. Primoris Services Co. has a 12 month low of $44.20 and a 12 month high of $90.86. The stock has a market cap of $3.16 billion, a P/E ratio of 19.42 and a beta of 1.17.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.55%. Primoris Services's payout ratio is 9.64%.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of the firm's 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 transaction, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PRIM has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. 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. KeyCorp decreased their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler initiated coverage on Primoris Services in a research report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target for the company. Finally, Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $84.75.

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.