Vanguard Group Inc. Boosts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Vanguard Group Inc. raised its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,244,920 shares of the construction company's stock after acquiring an additional 82,261 shares during the period. Vanguard Group Inc. owned approximately 11.63% of Primoris Services worth $477,112,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. QRG Capital Management Inc. boosted its position in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after acquiring an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after acquiring an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after acquiring an additional 6,487 shares in the last quarter. AMI Asset Management Corp increased its holdings in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. bought a new position in Primoris Services in the fourth quarter valued at about $48,851,000. Institutional investors own 91.82% of the company's stock.

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Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on 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 approximately $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. Over the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. upped 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. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective on the stock. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. Finally, Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Primoris Services currently has an average rating of "Buy" and an average target price of $89.14.

Primoris Services Stock Down 4.5 %

Shares of NASDAQ PRIM traded down $2.49 during trading on Friday, hitting $52.75. The stock had a trading volume of 1,172,317 shares, compared to its average volume of 703,200. 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 firm has a fifty day moving average of $67.99 and a two-hundred day moving average of $71.70. Primoris Services Co. has a 12 month low of $42.82 and a 12 month high of $90.86. The company has a market capitalization of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13.

Primoris Services Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 0.61%. Primoris Services's dividend payout ratio (DPR) is currently 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.