Sei Investments Co. Boosts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Sei Investments Co. grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 71.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,573 shares of the construction company's stock after acquiring an additional 21,443 shares during the quarter. Sei Investments Co. owned about 0.10% of Primoris Services worth $3,940,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of PRIM. USA Financial Formulas bought a new stake in Primoris Services during the 4th quarter valued at $27,000. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services during the third quarter worth about $59,000. Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. lifted its position in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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Primoris Services Stock Performance

PRIM stock traded up $0.72 during mid-day trading on Monday, hitting $53.38. The company had a trading volume of 1,113,707 shares, compared to its average volume of 704,835. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $2.87 billion, a PE ratio of 17.68 and a beta of 1.17. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The stock's fifty day moving average price is $67.68 and its two-hundred day moving average price is $71.66.

Primoris Services Dividend Announcement

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 $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.60%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRIM. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. increased their target price 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. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Primoris Services has a consensus rating of "Buy" and a consensus target price of $89.14.

Insider Activity at Primoris Services

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 transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company's stock.

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.