Schroder Investment Management Group Trims Position in Primoris Services Co. (NASDAQ:PRIM)

Schroder Investment Management Group decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 39.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 374,365 shares of the construction company's stock after selling 240,706 shares during the quarter. Schroder Investment Management Group owned approximately 0.70% of Primoris Services worth $28,729,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PRIM. Congress Asset Management Co. purchased a new position in shares of Primoris Services in the fourth quarter valued at about $48,851,000. JPMorgan Chase & Co. lifted its holdings in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares in the last quarter. Norges Bank bought a new position in Primoris Services in the 4th quarter worth approximately $22,636,000. Raymond James Financial Inc. purchased a new stake in Primoris Services during the 4th quarter valued at approximately $21,199,000. Finally, Yaupon Capital Management LP raised its position 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 buying an additional 154,627 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Guggenheim began 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 for the company. JPMorgan Chase & Co. increased 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. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. Finally, Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of "Buy" and a consensus target price of $89.14.

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Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was 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 in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last three months. 0.90% of the stock is owned by insiders.

Primoris Services Trading Down 4.5 %

Shares of NASDAQ:PRIM traded down $2.49 during trading on Friday, reaching $52.75. The company's stock had a trading volume of 1,172,317 shares, compared to its average volume of 703,200. The stock has a market capitalization of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm's 50 day simple moving average is $67.99 and its two-hundred day simple moving average is $71.70.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.61%. Primoris Services's payout ratio is presently 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.