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

Prudential Financial Inc. increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 111.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 40,780 shares of the construction company’s stock after acquiring an additional 21,494 shares during the period. Prudential Financial Inc.’s holdings in Primoris Services were worth $3,184,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Citigroup Inc. boosted its stake in shares of Primoris Services by 268.8% during the 3rd quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock worth $4,417,000 after acquiring an additional 55,434 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Primoris Services by 33.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock worth $946,000 after purchasing an additional 4,107 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Primoris Services by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company’s stock valued at $6,984,000 after purchasing an additional 733 shares during the last quarter. Benjamin Edwards Inc. increased its position in shares of Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after buying an additional 6,487 shares in the last quarter. Finally, Cinctive Capital Management LP raised its stake in shares of Primoris Services by 69.8% during the 3rd quarter. Cinctive Capital Management LP now owns 31,322 shares of the construction company’s stock worth $1,819,000 after buying an additional 12,874 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on PRIM shares. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. increased 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. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One 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 company’s stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $89.14.

Insider Activity

In related news, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction 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 completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. 0.90% of the stock is currently owned by insiders.

Primoris Services Price Performance

PRIM stock opened at $59.33 on Thursday. 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 quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52-week low of $42.22 and a 52-week high of $90.86. The stock’s fifty day simple moving average is $69.32 and its 200-day simple moving average is $71.62.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.54%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) 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.