Russell Investments Group Ltd. Sells 45,067 Shares of Primoris Services Co. (NASDAQ:PRIM)

Russell Investments Group Ltd. decreased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 74.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,193 shares of the construction company's stock after selling 45,067 shares during the period. Russell Investments Group Ltd.'s holdings in Primoris Services were worth $1,161,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. USA Financial Formulas bought a new stake in shares of Primoris Services in the 4th quarter valued at approximately $27,000. Farther Finance Advisors LLC lifted its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. grew its position in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services during the 4th quarter worth $97,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Primoris Services during the 4th quarter valued at $143,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Up 0.9 %

NASDAQ:PRIM traded up $0.55 during trading hours on Friday, reaching $59.99. 115,567 shares of the stock were exchanged, compared to its average volume of 722,703. The stock has a market cap of $3.23 billion, a PE ratio of 19.87 and a beta of 1.17. Primoris Services Co. has a twelve month low of $44.20 and a twelve month high of $90.86. The firm has a 50 day moving average of $61.90 and a 200 day moving average of $71.22. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Monday, March 31st. Primoris Services's payout ratio is currently 9.64%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. Company insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

PRIM has been the topic of several analyst reports. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group initiated 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. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. 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. Finally, Piper Sandler assumed coverage on Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Buy" and a consensus price target of $84.75.

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.