Charles Schwab Investment Management Inc. Has $52.94 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Charles Schwab Investment Management Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 14.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 692,953 shares of the construction company’s stock after purchasing an additional 85,943 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.29% of Primoris Services worth $52,942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas bought a new stake in Primoris Services in the fourth quarter valued at about $27,000. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services during the third quarter worth $59,000. Principal Securities Inc. grew its position in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Primoris Services during the 4th quarter worth about $97,000. Institutional investors own 91.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on PRIM. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. DA Davidson reiterated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday. They issued a “buy” rating and a $73.00 target price for the company. One 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 stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $89.14.

Primoris Services Trading Down 0.8 %

Primoris Services stock opened at $65.16 on Friday. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 21.58 and a beta of 1.13. Primoris Services Co. has a 52 week low of $39.63 and a 52 week high of $90.86. The stock has a 50-day moving average price of $75.15 and a 200 day moving average price of $70.64. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated 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 directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business’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 transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Primoris Services Company 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.