1 week Ago By Defense World Staff
Envestnet Asset Management Inc. raised its position in shares of Primoris Services Co. ( NASDAQ:PRIM – Free Report ) by 58.
7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,230 shares of the construction company’s stock after buying an additional 14,877 shares during the quarter. Envestnet Asset Management Inc.
owned about 0.07% of Primoris Services worth $3,074,000 as of its most recent SEC filing. A number of other institutional investors and hedge funds have also made changes to their positions in the business.
Alliancebernstein L.P. grew its holdings in Primoris Services by 2,302.
4% during the 4th quarter. Alliancebernstein L.P.
now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. bought a new position in Primoris Services in the fourth quarter worth approximately $48,851,000.
JPMorgan Chase & Co. grew its position in shares of Primoris Services by 97.4% during the 4th quarter.
JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after buying an additional 381,284 shares in the last quarter. Norges Bank purchased a new stake in Primoris Services in the fourth quarter worth about $22,636,000.
Finally, Raymond James Financial Inc. purchased a new stake in shares of Primoris Services in the 4th quarter worth approximately $21,199,000. 91.
82% of the stock is owned by hedge funds and other institutional investors. Analysts Set New Price Targets A number of research firms recently commented on PRIM. KeyCorp decreased their target price on shares of Primoris Services from $90.
00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th.
They issued a “buy” rating and a $73.00 price target on the stock. Piper Sandler assumed coverage on Primoris Services in a report on Tuesday, April 8th.
They issued an “overweight” rating and a $75.00 price objective for the company. 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. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $88.
00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock.
According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $84.75.
Primoris Services Stock Up 1.9 % PRIM stock opened at $60.59 on Friday.
The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.
38. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 20.
06 and a beta of 1.17. Primoris Services Co.
has a 12 month low of $45.37 and a 12 month high of $90.86.
The company has a fifty day moving average price of $61.67 and a 200 day moving average price of $71.21.
Primoris Services Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.08 dividend.
The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.
53%. Primoris Services’s dividend payout ratio is currently 9.64%.
Insider Buying and Selling at Primoris Services In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was 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 owns 12,586 shares of the company’s stock, 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 filing with the SEC, which is accessible through this link .
Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.
00. Following the transaction, the chief executive officer now directly 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 .
Over the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by company insiders.
Primoris Services Profile ( Free Report ) 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.
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