Raymond James Financial Inc. Makes New $21.20 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

Raymond James Financial Inc. bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 277,474 shares of the construction company's stock, valued at approximately $21,199,000. Raymond James Financial Inc. owned about 0.52% of Primoris Services at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PRIM. Geode Capital Management LLC lifted its holdings in Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after buying an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC lifted its holdings in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after buying an additional 374,926 shares in the last quarter. Yaupon Capital Management LP lifted its holdings in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after buying an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Primoris Services by 14.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company's stock valued at $52,942,000 after buying an additional 85,943 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in Primoris Services during the 4th quarter valued at about $48,851,000. Institutional investors own 91.82% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 target price on the stock. Finally, KeyCorp assumed 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. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $89.14.

Insider Transactions at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. Insiders own 1.40% of the company's stock.

Primoris Services Stock Down 0.3 %

Shares of Primoris Services stock traded down $0.23 on Thursday, reaching $64.47. The stock had a trading volume of 917,846 shares, compared to its average volume of 658,236. The company has a 50 day moving average price of $73.78 and a 200 day moving average price of $70.98. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1 year low of $39.79 and a 1 year high of $90.86. The stock has a market capitalization of $3.47 billion, a P/E ratio of 21.35 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services's payout ratio is currently 9.64%.

Primoris Services Company 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.