Mercer Global Advisors Inc. ADV Has $7.19 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Mercer Global Advisors Inc. ADV cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,156 shares of the construction company’s stock after selling 5,510 shares during the period. Mercer Global Advisors Inc. ADV owned about 0.18% of Primoris Services worth $7,193,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PRIM. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $48,851,000. Invesco Ltd. raised its position in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after acquiring an additional 430,589 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the period. Finally, Norges Bank acquired a new stake in Primoris Services during the 4th quarter valued at approximately $22,636,000. 91.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 completion of the sale, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred 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 transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 3.6 %

Shares of Primoris Services stock opened at $66.17 on Friday. The stock has a market capitalization of $3.57 billion, a PE ratio of 21.91 and a beta of 1.33. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. The stock has a 50 day moving average price of $61.14 and a two-hundred day moving average price of $71.34. 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.08 per share. 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 0.48%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Guggenheim restated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. 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. 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. Piper Sandler began coverage on Primoris Services in a research note on Tuesday, April 8th. They set an “overweight” rating and a $75.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has an average rating of “Buy” and an average target price 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.