XTX Topco Ltd Acquires Shares of 7,372 Primoris Services Co. (NASDAQ:PRIM)

XTX Topco Ltd bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,372 shares of the construction company's stock, valued at approximately $563,000.

Other institutional investors also recently modified their holdings of the company. Barclays PLC lifted its position in Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after acquiring an additional 81,111 shares in the last quarter. Geode Capital Management LLC increased its stake in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after buying an additional 15,070 shares during the last quarter. Principal Financial Group Inc. lifted its position in Primoris Services by 45.0% during the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company's stock worth $2,940,000 after buying an additional 15,710 shares in the last quarter. Oliver Luxxe Assets LLC boosted its stake in shares of Primoris Services by 2.6% during the 4th quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company's stock worth $2,403,000 after buying an additional 785 shares during the last quarter. Finally, Fulton Bank N.A. grew its holdings in shares of Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after acquiring an additional 406 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction 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 directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by insiders.

Primoris Services Price Performance

PRIM stock traded up $1.31 during midday trading on Friday, reaching $60.75. The company had a trading volume of 148,646 shares, compared to its average volume of 722,822. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 20.10 and a beta of 1.17. 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 $44.20 and a 1-year high of $90.86. The stock has a 50 day moving average price of $61.90 and a 200-day moving average price of $71.22.

Primoris Services Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRIM. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. Piper Sandler began coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective on the stock. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Finally, KeyCorp reduced their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Buy" and an average target price of $84.75.

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.