Wells Fargo & Company MN Acquires 11,559 Shares of Primoris Services Co. (NASDAQ:PRIM)

Wells Fargo & Company MN raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 3.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 310,231 shares of the construction company’s stock after purchasing an additional 11,559 shares during the quarter. Wells Fargo & Company MN’s holdings in Primoris Services were worth $23,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. purchased a new position in Primoris Services in the fourth quarter valued at about $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 valued at $59,026,000 after acquiring an additional 381,284 shares during the period. Norges Bank purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $22,636,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $21,199,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PRIM. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Guggenheim reiterated a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $88.38.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the business’s 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 completion of the transaction, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’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 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 1.3 %

PRIM stock opened at $57.17 on Friday. The stock has a 50-day simple moving average of $65.42 and a two-hundred day simple moving average of $71.39. Primoris Services Co. has a twelve month low of $42.82 and a twelve month high of $90.86. The firm has a market capitalization of $3.08 billion, a PE ratio of 18.93 and a beta of 1.17. 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.56%. Primoris Services’s dividend payout ratio is currently 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.