Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 297,839 shares of the construction company's stock after buying an additional 8,963 shares during the period. Victory Capital Management Inc. owned approximately 0.55% of Primoris Services worth $22,755,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. QRG Capital Management Inc. increased its stake in Primoris Services by 6.1% during the fourth 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 during the last quarter. Quest Partners LLC increased its position in Primoris Services by 1,945.8% during the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock worth $943,000 after purchasing an additional 15,450 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after purchasing an additional 22,223 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after purchasing an additional 6,487 shares in the last quarter. Finally, AMI Asset Management Corp raised its position in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after purchasing an additional 6,350 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Primoris Services Stock Up 2.8 %

PRIM traded up $1.82 during trading on Friday, hitting $67.14. The company had a trading volume of 700,752 shares, compared to its average volume of 898,483. The company has a market cap of $3.61 billion, a PE ratio of 22.23 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1-year low of $39.79 and a 1-year high of $90.86. The business has a 50-day moving average of $74.91 and a 200-day moving average of $70.61.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. Primoris Services's payout ratio is 9.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price for the company. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday. They issued a "buy" rating and a $73.00 price objective for the company. UBS Group boosted 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. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, 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 research note on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $89.14.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were 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 owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.