Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 205.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 146,218 shares of the construction company’s stock after purchasing an additional 98,299 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Primoris Services were worth $11,171,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PRIM. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at $27,000. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. increased its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the period. TD Private Client Wealth LLC raised its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services in the 4th quarter worth $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PRIM shares. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson reiterated a “buy” rating and issued 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 research note on Wednesday, February 26th. Finally, Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $89.14.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by insiders.

Primoris Services Stock Down 4.5 %

Shares of NASDAQ PRIM opened at $52.75 on Friday. 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 12-month low of $42.82 and a 12-month high of $90.86. The company has a market capitalization of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. The firm’s 50-day moving average is $67.99 and its two-hundred day moving average is $71.60.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is presently 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.