Prudential Financial Inc. Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Prudential Financial Inc. raised its position in Primoris Services Co. (NASDAQ:PRIM) by 111.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,780 shares of the construction company’s stock after acquiring an additional 21,494 shares during the quarter. Prudential Financial Inc. owned approximately 0.08% of Primoris Services worth $3,184,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arizona State Retirement System grew its stake in shares of Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 131 shares in the last quarter. TD Private Client Wealth LLC lifted 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 worth $69,000 after buying an additional 230 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the last quarter. Finally, Virtue Capital Management LLC raised its position in shares of Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after acquiring an additional 342 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 7,377 shares in the company, valued at $501,636. This trade 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 at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRIM. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. 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 price target for the company. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $89.14.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $59.33 on Thursday. Primoris Services Co. has a one year low of $42.22 and a one year high of $90.86. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 19.65 and a beta of 1.13. The company has a 50-day simple moving average of $69.32 and a 200-day simple moving average of $71.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.54%. Primoris Services’s payout ratio is 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.