Y Intercept Hong Kong Ltd cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 41.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,636 shares of the construction company's stock after selling 6,942 shares during the period. Y Intercept Hong Kong Ltd's holdings in Primoris Services were worth $736,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in PRIM. USA Financial Formulas bought a new position in shares of Primoris Services in the fourth quarter valued at $27,000. Nisa Investment Advisors LLC boosted its position in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. increased its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after purchasing an additional 197 shares in the last quarter. Millburn Ridgefield Corp acquired a new stake in Primoris Services during the 3rd quarter worth about $59,000. Finally, Principal Securities Inc. lifted its stake in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.
Primoris Services Stock Down 1.1 %
NASDAQ PRIM traded down $0.79 on Tuesday, reaching $68.06. The stock had a trading volume of 477,315 shares, compared to its average volume of 868,522. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1 year low of $38.38 and a 1 year high of $90.86. The business has a 50 day moving average price of $77.08 and a 200 day moving average price of $70.23. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 22.43 and a beta of 1.14.
Primoris Services Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is presently 9.64%.
Analysts Set New Price Targets
A number of research firms have recently issued reports on PRIM. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. The Goldman Sachs Group raised their target price on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective for the company. One investment 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $91.83.
Get Our Latest Report on Primoris Services
Primoris Services Company Profile
(
Free Report)
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.
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