Primoris Services Co. (NASDAQ:PRIM) Stake Decreased by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 146,371 shares of the construction company’s stock after selling 2,672 shares during the quarter. Primoris Services makes up 2.0% of Essex Investment Management Co. LLC’s portfolio, making the stock its biggest holding. Essex Investment Management Co. LLC owned 0.27% of Primoris Services worth $11,183,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System boosted its position in Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 131 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares during the last quarter. Virtue Capital Management LLC raised its holdings in shares of Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after acquiring an additional 342 shares during the last quarter. Finally, Principal Securities Inc. raised its holdings in shares of Primoris Services by 63.2% in the fourth 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. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PRIM has been the subject of a number of analyst reports. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Finally, DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $91.83.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $63.40 on Friday. Primoris Services Co. has a 1-year low of $39.63 and a 1-year high of $90.86. The business has a 50-day moving average of $75.93 and a 200-day moving average of $70.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 20.99 and a beta of 1.13.

Primoris Services Announces Dividend

The firm 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 9.64%.

Primoris Services 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.