American Century Companies Inc. Sells 37,405 Shares of Primoris Services Co. (NASDAQ:PRIM)

American Century Companies Inc. cut its holdings in Primoris Services Co. (NASDAQ:PRIM) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 293,063 shares of the construction company’s stock after selling 37,405 shares during the quarter. American Century Companies Inc. owned 0.55% of Primoris Services worth $22,390,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PRIM. USA Financial Formulas purchased a new stake in shares of Primoris Services during the 4th quarter valued at about $27,000. Farther Finance Advisors LLC raised its position in Primoris Services by 3,552.4% during the fourth 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 period. Principal Securities Inc. lifted its stake in shares of 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 purchasing an additional 343 shares during the last quarter. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the 3rd quarter valued at approximately $59,000. Finally, TD Private Client Wealth LLC raised its holdings 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 valued at $69,000 after buying an additional 230 shares during the period. Institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. DA Davidson reaffirmed a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. upped their price target 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. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $89.14.

Primoris Services Stock Down 0.5 %

Shares of NASDAQ:PRIM opened at $57.27 on Monday. The business’s 50 day moving average is $71.07 and its 200 day moving average is $71.66. The stock has a market cap of $3.08 billion, a P/E ratio of 18.96 and a beta of 1.13. Primoris Services Co. has a 52-week low of $40.74 and a 52-week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

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 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) 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.