Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Mariner LLC

Mariner LLC increased its stake in Primoris Services Co. (NASDAQ:PRIM) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,738 shares of the construction company’s stock after buying an additional 623 shares during the period. Mariner LLC’s holdings in Primoris Services were worth $1,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PRIM. JPMorgan Chase & Co. lifted its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after buying an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after buying an additional 22,223 shares during the period. AMI Asset Management Corp grew its position in shares of Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after buying an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. bought a new position in Primoris Services in the fourth quarter worth about $48,851,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM opened at $60.59 on Friday. The firm’s fifty day simple moving average is $61.67 and its two-hundred day simple moving average is $71.28. Primoris Services Co. has a 12 month low of $45.37 and a 12 month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders 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 dividend on an annualized basis and a yield of 0.53%. Primoris Services’s 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 Primoris Services stock in a transaction 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 completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp cut 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. DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $84.75.

Primoris Services Company 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.