Wells Fargo & Company MN Buys 11,559 Shares of Primoris Services Co. (NASDAQ:PRIM)

Wells Fargo & Company MN grew its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,231 shares of the construction company's stock after buying an additional 11,559 shares during the period. Wells Fargo & Company MN owned 0.58% of Primoris Services worth $23,702,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in shares of Primoris Services in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC lifted its holdings in 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 purchasing an additional 746 shares in the last quarter. Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares in the last quarter. TD Private Client Wealth LLC boosted its stake 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 during the period. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Primoris Services during the 4th quarter valued at approximately $97,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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Primoris Services Trading Down 0.2 %

PRIM stock traded down $0.09 during midday trading on Tuesday, reaching $57.75. 607,349 shares of the company traded hands, compared to its average volume of 715,714. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.12 and a beta of 1.17. Primoris Services Co. has a 52-week low of $42.82 and a 52-week high of $90.86. The business has a 50 day moving average of $64.61 and a 200-day moving average of $71.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Announces Dividend

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 dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.55%. Primoris Services's payout ratio is presently 9.64%.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last three months. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on PRIM. JPMorgan Chase & Co. boosted their target price 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. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler assumed coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $88.38.

Primoris Services Company 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.