Scotia Capital Inc. Invests $981,000 in Primoris Services Co. (NASDAQ:PRIM)

Scotia Capital Inc. purchased a new stake in Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 12,839 shares of the construction company’s stock, valued at approximately $981,000.

Several other institutional investors have also recently bought and sold shares of PRIM. EP Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the 3rd quarter valued at $238,000. Barclays PLC increased its position in Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after purchasing an additional 81,111 shares during the period. Geode Capital Management LLC increased its position in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after purchasing an additional 15,070 shares during the period. TD Private Client Wealth LLC raised its holdings in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Primoris Services by 45.0% during the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock valued at $2,940,000 after purchasing an additional 15,710 shares during the period. Institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling

In related 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated 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 in the company, valued at $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Performance

PRIM stock opened at $57.17 on Monday. Primoris Services Co. has a 1-year low of $42.82 and a 1-year 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 firm has a market cap of $3.08 billion, a PE ratio of 18.93 and a beta of 1.17. The business’s 50-day moving average price is $65.42 and its two-hundred day moving average price is $71.49.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services’s dividend payout ratio is presently 9.64%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday. Piper Sandler began coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 target price for the company. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $88.38.

About Primoris Services

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.