Primoris Services Co. (NASDAQ:PRIM) Stock Holdings Lessened by Assetmark Inc.

Assetmark Inc. lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 15.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 876 shares of the construction company’s stock after selling 164 shares during the period. Assetmark Inc.’s holdings in Primoris Services were worth $67,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC grew its position in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Yaupon Capital Management LP raised its stake in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Primoris Services by 14.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock valued at $52,942,000 after purchasing an additional 85,943 shares in the last quarter. Finally, Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the fourth quarter worth $48,851,000. 91.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRIM has been the topic of several recent analyst reports. Guggenheim started coverage on Primoris Services in a research 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 research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $89.14.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company’s 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 owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $67.14 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $3.61 billion, a PE ratio of 22.23 and a beta of 1.13. The firm’s 50 day moving average price is $74.66 and its 200 day moving average price is $70.80. Primoris Services Co. has a twelve month low of $39.79 and a twelve month high of $90.86.

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 0.48%. The ex-dividend date is Monday, March 31st. Primoris Services’s 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.