Susquehanna Fundamental Investments LLC Invests $6.71 Million in Primoris Services Co. (NASDAQ:PRIM)

Susquehanna Fundamental Investments LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 87,783 shares of the construction company's stock, valued at approximately $6,707,000. Susquehanna Fundamental Investments LLC owned about 0.16% of Primoris Services at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PRIM. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Primoris Services in the fourth quarter worth approximately $2,421,000. Lord Abbett & CO. LLC grew its position in Primoris Services by 83.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 490,356 shares of the construction company's stock worth $37,463,000 after purchasing an additional 223,551 shares in the last quarter. Oberweis Asset Management Inc. grew its position in Primoris Services by 15.7% during the 4th quarter. Oberweis Asset Management Inc. now owns 242,900 shares of the construction company's stock worth $18,558,000 after purchasing an additional 33,000 shares in the last quarter. Candelo Capital Management LP acquired a new stake in Primoris Services during the 4th quarter valued at $5,706,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Primoris Services by 6.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 79,985 shares of the construction company's stock valued at $6,112,000 after purchasing an additional 4,932 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PRIM. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Piper Sandler began coverage on Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price for the company. KeyCorp reduced their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, 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. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Buy" and a consensus target price of $84.75.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale 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 the firm's 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 completion of the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 over the last three months. 1.40% of the stock is currently owned by insiders.

Primoris Services Trading Up 1.9 %

Primoris Services stock opened at $60.59 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a one year low of $45.37 and a one year high of $90.86. The company's fifty day moving average price is $61.67 and its two-hundred day moving average price is $71.36.

Primoris Services Announces Dividend

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

Primoris Services 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.

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