Cornercap Investment Counsel Inc. Lowers Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Cornercap Investment Counsel Inc. reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 76.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,680 shares of the construction company’s stock after selling 8,631 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Primoris Services were worth $205,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Horizon Investment Services LLC grew its holdings in shares of Primoris Services by 117.3% in the fourth quarter. Horizon Investment Services LLC now owns 17,763 shares of the construction company’s stock valued at $1,357,000 after purchasing an additional 9,588 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Primoris Services by 13.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 7,459 shares of the construction company’s stock worth $570,000 after acquiring an additional 904 shares in the last quarter. Norges Bank purchased a new stake in shares of Primoris Services during the fourth quarter worth $22,636,000. NEOS Investment Management LLC raised its stake in shares of Primoris Services by 10.4% in the fourth quarter. NEOS Investment Management LLC now owns 93,734 shares of the construction company’s stock valued at $7,161,000 after acquiring an additional 8,855 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Down 0.5 %

PRIM opened at $57.27 on Friday. The stock has a market capitalization of $3.08 billion, a P/E ratio of 18.96 and a beta of 1.13. 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 Co. has a one year low of $40.74 and a one year high of $90.86. The business’s 50-day simple moving average is $71.07 and its 200-day simple moving average is $71.53.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio is currently 9.64%.

Analyst Ratings Changes

PRIM has been the topic of several recent research reports. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $89.14.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company’s stock.

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.