Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Royce & Associates LP

Royce & Associates LP decreased its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 24.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 201,004 shares of the construction company's stock after selling 65,334 shares during the period. Royce & Associates LP owned about 0.37% of Primoris Services worth $15,357,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PRIM. Congress Asset Management Co. acquired a new stake in Primoris Services in the fourth quarter valued at $48,851,000. Summit Partners Public Asset Management LLC boosted its stake in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after acquiring an additional 374,926 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Primoris Services during the fourth quarter valued at $21,199,000. BNP Paribas Financial Markets boosted its stake in shares of Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock valued at $14,343,000 after acquiring an additional 208,920 shares during the last quarter. Finally, Yaupon Capital Management LP boosted its stake in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after acquiring an additional 154,627 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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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 stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PRIM shares. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Guggenheim initiated 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. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective on the stock. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $89.14.

Primoris Services Stock Down 0.3 %

PRIM stock traded down $0.23 during midday trading on Thursday, hitting $64.47. 917,941 shares of the company's stock were exchanged, compared to its average volume of 658,236. 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 $39.79 and a 12-month high of $90.86. The firm has a 50 day moving average price of $73.78 and a 200-day moving average price of $70.98. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 21.35 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently announced 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. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. Primoris Services's payout ratio is 9.64%.

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.