Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Diametric Capital LP

Diametric Capital LP reduced its stake in Primoris Services Co. (NASDAQ:PRIM) by 13.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,485 shares of the construction company’s stock after selling 532 shares during the period. Diametric Capital LP’s holdings in Primoris Services were worth $266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. USA Financial Formulas bought a new stake in Primoris Services during the fourth quarter worth approximately $27,000. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services in the third quarter valued at $59,000. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares in the last quarter. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the period. Finally, TD Private Client Wealth LLC raised its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. Finally, KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. One 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’s stock. According to MarketBeat.com, Primoris Services has a consensus rating of “Buy” and an average target price of $89.14.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $57.54 on Wednesday. Primoris Services Co. has a 12 month low of $40.74 and a 12 month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.09 billion, a PE ratio of 19.05 and a beta of 1.13. The business has a fifty day simple moving average of $69.89 and a 200-day simple moving average of $71.71.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 (DPR) is presently 9.64%.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 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 position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last 90 days. Company insiders own 0.90% of the company’s stock.

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.