Clearbridge Investments LLC Sells 57,266 Shares of Primoris Services Co. (NASDAQ:PRIM)

Clearbridge Investments LLC reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 17.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,271 shares of the construction company’s stock after selling 57,266 shares during the period. Clearbridge Investments LLC owned 0.52% of Primoris Services worth $21,184,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after acquiring an additional 91,235 shares in the last quarter. Citigroup Inc. grew its holdings in Primoris Services by 268.8% during the third quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock valued at $4,417,000 after purchasing an additional 55,434 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of Primoris Services in the third quarter valued at approximately $340,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Primoris Services by 33.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock worth $946,000 after buying an additional 4,107 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Primoris Services by 0.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company’s stock worth $6,984,000 after buying an additional 733 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PRIM shares. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $89.14.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’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 sale, 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. In the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $57.54 on Wednesday. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 19.05 and a beta of 1.13. Primoris Services Co. has a one year low of $40.74 and a one year high of $90.86. The business has a fifty day simple moving average of $69.89 and a 200 day simple moving average of $71.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio 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.