Versor Investments LP Sells 7,000 Shares of Primoris Services Co. (NASDAQ:PRIM)

Versor Investments LP cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 57.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,100 shares of the construction company's stock after selling 7,000 shares during the quarter. Versor Investments LP's holdings in Primoris Services were worth $390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter valued at approximately $27,000. Nisa Investment Advisors LLC increased its holdings in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares in the last quarter. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the 3rd quarter valued at $59,000. Principal Securities Inc. grew its position in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 6.4 %

PRIM traded down $4.38 during trading on Thursday, hitting $63.85. The company's stock had a trading volume of 431,741 shares, compared to its average volume of 874,982. The firm has a market capitalization of $3.43 billion, a P/E ratio of 21.17 and a beta of 1.14. Primoris Services Co. has a twelve month low of $39.63 and a twelve month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average price is $76.57 and its 200-day moving average price is $70.31.

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Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio is presently 9.64%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRIM. DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. One investment 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.com, the stock has a consensus rating of "Buy" and an average price target of $91.83.

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.