Sei Investments Co. Purchases 21,443 Shares of Primoris Services Co. (NASDAQ:PRIM)

Sei Investments Co. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 71.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,573 shares of the construction company’s stock after buying an additional 21,443 shares during the quarter. Sei Investments Co. owned approximately 0.10% of Primoris Services worth $3,940,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after purchasing an additional 15,070 shares during the last quarter. Yaupon Capital Management LP boosted its holdings in shares of 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 buying an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Primoris Services by 14.2% during 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. Congress Asset Management Co. bought a new position in Primoris Services during the 4th quarter valued at approximately $48,851,000. Finally, Boston Partners increased its holdings in shares of Primoris Services by 4.5% during the fourth quarter. Boston Partners now owns 496,702 shares of the construction company’s stock valued at $39,204,000 after acquiring an additional 21,409 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $59.33 on Thursday. The firm has a fifty day simple moving average of $69.32 and a two-hundred day simple moving average of $71.62. The firm has a market cap of $3.19 billion, a PE ratio of 19.65 and a beta of 1.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1-year low of $42.22 and a 1-year high of $90.86.

Primoris Services Announces Dividend

The company 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 0.54%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Analysts Set New Price Targets

Several brokerages recently commented on PRIM. 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. DA Davidson restated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. Finally, Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $89.14.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by company insiders.

About Primoris Services

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.